International Consolidated Airlines Group today purchased 4.6% of Norwegian Airlines Group shares.
IAG claims that it is not at present looking to make a hostile bid for the remainder of the company, however it is expected to commence negotiations with Norwegian Group owners for a full-scale buyout.
IAG stated today that no further inference could be taken from its purchase of shares, and no further comment will be made.
This is an interesting development. Norwegian will be forced to reveal its full accounts and books during any due diligence, providing IAG with a deep insight to the way Norwegian’s business works. It will be interesting to see if the deal concludes. Either way IAG get a deeper understanding of a major competitor.