IAG prepares to launch final EUR500 million round of buyback scheme
(Alliance News) - International Consolidated Airlines Group SA on Friday said it will begin a EUR500 million round of buybacks on Monday, as part of a previously announced programme.
Back in February, the London and Madrid-based airline company had disclosed plans to return excess cash to the tune of EUR1.50 billion.
It completed the second tranche of buybacks, worth EUR500 million, last month, and will launch the third tranche on Monday. Buybacks will end by February 26.
The company noted that shareholder Qatar Airways Group QCSC will be taking part in the programme on a pro-rata basis, in order to preserve its aggregate stake in IAG.
Of the total EUR500 million to be repurchased under the final tranche, EUR374 million will come from market participants and EUR126 million from Qatar Airways, IAG noted.
IAG shares closed 2.1% higher at 441.20 pence each on Friday in London.
By Holly Munks, Alliance News reporter
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