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PRESS: IAG In "Pole Position" To Buy On-The-Block Flybe - Telegraph

Mon, 26th Nov 2018 11:23


LONDON (Alliance News) - The Sunday Telegraph said a takeover battle could be looming for financially challenged regional airline Flybe Group PLC, with the owner of British Airways now prominently in the picture.

The Telegraph, citing "multiple industry sources", said that International Consolidated Airlines Group SA is in pole position to buy Flybe, with its regional network said to be a useful link to London's Heathrow airport, which is dominated by BA.

https://www.telegraph.co.uk/business/2018/11/24/branson-walsh-braced-clash-flybe-rescue/

This comes after Virgin Atlantic confirmed on Friday it is reviewing its options in respect of Flybe. These range from enhanced commercial arrangements to a possible takeover offer. Flybe and Virgin both noted that there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

The London-listed regional airline put itself up for sale earlier in November, as its interim results revealed rising fuel costs. This followed a profit warning in October.

Flybe shares were up 20% on Monday at 19.93 pence, having shot up 71% on Friday alone. However, the stock remains 36% lower in the year-to-date.

IAG shares were up 1.7% at 659.00p on Monday. Fybe was up 21% at 20.00p.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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