Norwegian receives 'several inquiries' after IAG share purchase

Low-cost airline Norwegian has received further expressions of interest after British Airways owner IAG acquired a 4.6% stake.

Shares in the Oslo-based carrier rose more than 10% after it announced "several inquiries" had been made.

It has created a steering committee to "review the situation, handle relevant inquiries and to safeguard the interests of all shareholders".

IAG said in a stock market announcement on April 12 that its stake was "intended to establish a position from which to initiate discussions with Norwegian", including the possibility of a full offer for the firm.

Norwegian has expanded rapidly in recent years, ordering dozens of 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 €129 flights from Dublin and Edinburgh to New York.

Norwegian's losses before interest and taxes deepened by 31% year-on-year in the first three months of the year, reaching 2.2 billion kroner (£199 million).

Revenues increased by a third over the period, to 7 billion kroner (€723 million).

PA


Related Articles

Canada legalises recreational marijuana

Getting the ball rolling in an impoverished village in Uganda

Lewis Hamilton fastest in third practice session for Japanese Grand Prix

Interconnector will not go ahead, says Regina Doherty

More in this Section

US confirms talks on trade deal with Britain to begin immediately after Brexit

Monitor shows Irish women more likely to start a business than most of their EU counterparts

Google to charge device makers a fee for access to key Android apps in the EU

Index shows weak growth in consumer spending prior to Budget


Breaking Stories

Cork Film Festival launches 2018 programme of 250 films

How to make Prue Leith’s ‘almost Thai’ fish cakes

Could this be the most spiritual retreat in Vietnam?

What’s it like to stay in Richard Branson’s favourite Balearic retreat?

More From The Irish Examiner