CMA Launches Inquiry Into IAG's Deal To Buy Air Europa

The UK's Competition and Markets Authority or CMA, on Monday, announced a merger inquiry into the planned acquisition of Spain's Air Europa, by International Consolidated Airlines Group, S.A. (IAG) for 500 million euros.

The CMA announced the launch of its merger inquiry by notice to parties involved in the deal on November 19 which has a deadline of January 19, 2022, for its phase first decision.

"The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services," the competition regulator said in a statement.

In 2019, IAG had announced its plans to acquire Air Europa for one billion euros. However, the price was cut in half owing to Covid-19 pandemic and related headwinds.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Delta Air Lines is set to resume flights on its routes between the U.S. and Japan from October 30, 2002 in anticipation of easing of COVID-19-related travel restrictions, which were put in place two years ago. The airline joins American Airlines and United Airlines, who have reportedly announced the resumption of flights to Japan. Tech major Apple Inc. has asked corporate employees to return to offices at least three days a week by September 5, Bloomberg reported. The latest deadline was issued following several delays to its previous deadlines amid a resurgence in COVID-19 cases. As per the report, the company will require employees to work from offices on Tuesdays, Thursdays and a regular third day to be determined by... Retail giant Walmart reported Tuesday a net profit for the second quarter that grew 20.4 percent from last year, reflecting lower operating expenses and partially inflation driven revenue growth. The results were also driven by the rebound in international markets. Quarterly revenues topped analysts' expectations. The retailer also raised its adjusted earnings guidance for the full-year 2023.
Follow RTT