IAG withdraws from Norwegian buyout

In a short statement following due diligence and negotiations with Norwegian, IAG announced it was not going to make an offer for Norwegian Airlines and was selling its 4% stake in the airline as soon as possible.

This follows a near 12 month period where IAG has tried to find out how much it would take to buy the airline and wether or not it was a valid business purchase in their view.

Clearly IAG has decided there is no way forward with the purchase of a Norwegian in a way that makes any sense. Frankly I doubt Norwegian wanted it, it’s finances are unconventionally opaque.