International Airlines Group (IAG) has announced plans to sell its 3.93 per cent stake in Norwegian.
The group took a 4.61 per cent stake in the low-cost carrier in April last year, which was subsequently diluted to 3.93 per cent as a result of subsequent share offerings issued by Norwegian during the first half of 2018.
At the time IAG said that the minority investment was “intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer” for the carrier.
The following month Norwegian confirmed it had rejected two takeover bids from IAG, and in a statement today (January 24), IAG said:
“International Airlines Group (IAG) confirms that it does not intend to make an offer for Norwegian Air Shuttle ASA (Norwegian) and that, in due course, it will be selling its 3.93 per cent shareholding in Norwegian”.