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Title : British Airways owner eyes Norwegian takeover
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British Airways owner eyes Norwegian takeover

• IAG said that it has acquired a 4.61 per cent stake in the airline
• This is intended to establish a position from which to negogiate a full offer
• Shares in Norwegian Air rocketed 18% in Oslo following news of IAG's interest 

By Press Association and Ted Thornhill for MailOnline

Published: 11:14 BST, 12 April 2018 | Updated: 07:59 BST, 13 April 2018

British Airways owner International Airlines Group (IAG) has confirmed that it is exploring a potential acquisition of low-cost carrier Norwegian Air Shuttle.

IAG said in a stock market announcement that it has acquired a 4.61 per cent stake in the airline, which is 'intended to establish a position from which to initiate discussions with Norwegian', including the possibility of a full offer for the firm.

IAG added, however, that 'no such discussions have taken place', and the company hasn't decided whether it will make an offer. 

British Airways owner International Airlines Group (IAG) has confirmed that it is exploring a potential acquisition of low-cost carrier Norwegian Air Shuttle 

In a statement, the Oslo, Norway, based company said it had 'no prior knowledge of this acquisition', adding it had 'not been in any discussions or dialogue with IAG about the matter'.

'Norwegian believes that interest from one of the largest international aviation groups demonstrates the sustainability and potential of our business model and global growth,' it said. 

Norwegian Air has expanded rapidly over the last 12 months, ordering new aircraft to serve a raft of new routes. 

The firm has shaken up the long-haul market by offering flights at knockdown prices.

Some of its most popular deals have included £69 flights to New York, Providence and Hartford in the United States, though its cheapest U.S fare at the moment is around £120.

As well as British Airways, IAG also owns Spanish low-cost airline Vueling and recently launched a budget long-haul operator dubbed Level.

As well as British Airways, IAG also owns Spanish low-cost airline Vueling and recently launched a budget long-haul operator dubbed Level

Shares in Norwegian Air rocketed 18 per cent in Oslo following news of IAG's interest. IAG shares were flat.

Norwegian Air carries over 30 million passengers a year and last year struck an agreement so easyJet customers could access its long-haul routes.

It has also explored a long-haul flight deal with Ryanair, but talks between the airlines collapsed.

The firm put its hat in the ring to pick up bust rival Monarch's landing slots at Gatwick.  

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