 |
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| Type | Sociedad Anónima |
|---|---|
| Traded as | LSE: IAG BMAD: IAG |
| Industry | Aviation |
| Founded | January 2011[1] |
| Headquarters | London, United Kingdom (Head office) Madrid, Spain (Registered office) |
| Area served | Worldwide |
| Key people | Antonio Vázquez (Chairman) Willie Walsh (CEO)[2] |
| Services | Airline services |
| Revenue | €15.372 billion (2012)[3] |
| Operating income | €(23) million (2012)[3] |
| Profit | €(923) million (2012)[3] |
| Employees | 58,476 (2011 average) |
| Subsidiaries | British Airways Iberia Vueling IAG Cargo |
| Website | www.iairgroup.com |
International Consolidated Airlines Group, S.A. is a British-Spanish multinational airline holding company headquartered in London, United Kingdom and with its registered office in Madrid, Spain. It was formed in January 2011 by the merger of British Airways and Iberia, respectively the flag carrier airline of the United Kingdom and Spain.[4][5] It is the seventh-largest airline company in the world (and third-largest based in Europe) measured by 2010 revenues.[6]
IAG has a primary listing on the London Stock Exchange and has been an FTSE 100 constituent since 24 January 2011.[7][8] It has secondary listings on the Madrid, Barcelona, Bilbao and Valencia stock exchanges,[9][10] and has been a constituent of the IBEX 35 index since 1 April 2011.[11]
Contents |
History [edit]
British Airways and Iberia announced the signing of a preliminary merger agreement in November 2009.[12][13][14] In April 2010, British Airways and Iberia signed a full merger agreement, with an intended completion date of late 2010, subject to securing the necessary regulatory approvals.[15][16] The merger between British Airways and Iberia was completed on 21 January 2011, and shares in IAG began trading in London and Madrid on 24 January.[17][18][19]
In March 2011, IAG announced that it had agreed to purchase eight Airbus A330-300 aircraft and to take options on eight more, to be used for Iberia's longhaul fleet.[20] On 6 October 2011, IAG announced the launch of Iberia Express, a new low-cost airline to operate short- and medium-haul routes from IAG's Madrid hub and provide transfer feed onto Iberia's longhaul network.[21][22] Iberia Express began operations on 25 March 2012.[23][24]
On 4 November 2011, IAG agreed in principle to acquire British Midland International (BMI) from Lufthansa for an undisclosed sum, in a deal which would increase IAG's share of slots at Heathrow airport from 45% to 54%.[25][26] On 22 December 2011, IAG agreed a binding deal with Lufthansa to acquire BMI for £172.5 million.[27] On 30 March 2012, the purchase of BMI was approved, subject to the condition that the combined group divest itself of 12 daily slots and lease two daily slots at Heathrow airport. The acquisition was completed on 20 April 2012, and the BMI fleet and routes will be integrated into the British Airways schedule by the end of 2012.[28]
On 8 November 2012 International Consolidated Airlines Group (IAG) made a cash tender offer to buy 100 per cent of Vueling, the Spanish low-cost airline based in Barcelona. IAG's subsidiary Iberia currently owns 45.85% of Vueling and the Iberia board has agreed not to tender the offer. This means that Iberia would retain its existing shareholding in Vueling with IAG if successful gaining the remaining 54.15%. The offer, was €7 per ordinary share of Vueling with the total cost of acquiring the 54.15% anticipated to be €113m. It will be funded using internal IAG resources. The reported total assets of Vueling as of 30 September 2012 were €805m and in the nine months to 30 September 2012 it generated profits before tax of €59m. An application for authorisation of the offer, was submitted to the Comisión Nacional del Mercardo de Valores (CNMV). After getting the go-ahead from the CNMV, the offer was launched to Vueling's shareholders in the first quarter of 2013 and, Vueling has recommend its shareholders reject the offer. The offer will be subject to a minimum acceptance condition of 90% of the voting rights of the Vueling shares not already owned by Iberia. It is not subject to regulatory approval by the European Commission. The board of IAG improved its offer for Vueling to €9.25 on 27 March 2013.[29] This offer was accepted by the Vueling board on 9 April 2013 and received majority shareholder approval on 23 April 2013. IAG will assume control of Vueling on 26 April 2013.[30][31]
Operations [edit]
IAG has around 350 aircraft and serves around 200 destinations.[32][33] British Airways and Iberia operate under separate brand names.[33]
IAG has its operational headquarters, which controls the management of both its Spanish and British subsidiaries, at 2 World Business Centre on the property of London Heathrow Airport in the London Borough of Hillingdon.[34][35]
Divisions, subsidiaries and franchises [edit]
British Airways Plc (100% owned)
- BA CityFlyer (100% owned)
- British Airways Limited [36] (100% owned)
OpenSkies (100% owned)
Comair (18% stake)
Sun-Air (franchise)
Iberia Líneas Aéreas de España, S.A. Group (100% owned)
- Iberia (100% owned)
- Air Nostrum (franchise, doing business as Iberia Regional)
- Iberia Express (100% owned)
- Vueling Airlines, S.A. (90.51% stake)
- IAG Cargo (100% owned)
[edit]
- Flybe (14.5% stake) [37]
Royal Air Maroc (0.95% stake)
Air Mauritius (2.3% stake)
Fleet [edit]
As of 30 June 2012, IAG had a total of 398 aircraft with 78 aircraft on order and 89 options. The most popular type operated is the Airbus A320 series, with a combined fleet of 85 aircraft.[32]
Corporate affairs [edit]
IAG is incorporated in Spain as a Sociedad Anónima, its board meetings are held in Madrid and its tax domicile is in Spain.[38][39][40][41]
Financial results [edit]
| Year Ended | Passengers Flown | Turnover (€m) | Profit/Loss Before Tax (€m) | Net Profit/Loss (€m) | Basic EPS (€ cents) |
|---|---|---|---|---|---|
| 31 December 2011 | 51,687,000 | 16,339 | 527 | 485 | 31.1 |
| 31 December 2012 | 54,600,000 | 18,117 | (997) | (923) | (51.0) |
[edit]
| Shareholder | Holding[42] |
|---|---|
| Bankia | 12.09% |
| Templeton Global Advisors Limited | 5.01% |
| BlackRock | 4.93% |
| Schroder Investment Management Ltd | 3.19% |
References [edit]
- ^ "IAG Profile". International Airlines Group. Retrieved 1 August 2011.
- ^ "Willie Walsh Biography". iairgroup.com.
- ^ a b c "IAG Full Year Results 2012" (PDF). International Consolidated Airlines Group. Retrieved 16 March 2013.
- ^ "International Airlines Group formed as BA signs merger with Iberia". IBTimes. 8 April 2010. Retrieved 11 April 2010.
- ^ Vamburkar, Meenal (8 April 2010). "British Airways and Iberia agree on merger". New Statesman. UK. Retrieved 11 April 2010.
- ^ "World Airline Rankings: Regional picture". Flight Global. 22 July 2011. Retrieved 31 July 2011.
- ^ British Airways name will disappear from FTSE if Iberia merger goes ahead | Business. The Guardian (2010-04-08). Retrieved on 2012-07-07.
- ^ "BA Iberia merger gets approval from shareholders". BBC News. 29 November 2010.
- ^ "IAG shares begin trading, replacing BA and Iberia". BBC News. 24 January 2011. Retrieved 24 January 2011.
- ^ "British Airways stands firm over crew dispute". Reuters. 13 July 2010. Retrieved 18 August 2010.
- ^ "Results of the quarterly follow up meeting of the Technical Advisory Committee of the IBEX® Indices" (PDF). Sociedad de Bolsas. 8 March 2011. Retrieved 7 May 2011.
- ^ "British Airways, Iberia agree to £4 billion merger". Reuters. 12 November 2009. Retrieved 7 November 2011.
- ^ Osborne, Alistair (13 November 2009). "BA-Iberia £4.4bn merger creates Europe's third-largest airline". London: The Telegraph. Retrieved 7 November 2011.
- ^ "BA and Iberia agree merger deal". BBC News. 12 November 2009. Retrieved 7 November 2011.
- ^ Plummer, Robert (8 April 2010). "BA's Iberia tie-up nears lift-off". BBC News. Retrieved 7 November 2011.
- ^ Osborne, Alistair (9 April 2010). "BA and Iberia sign €5.8bn merger deal". London: The Telegraph. Retrieved 7 November 2011.
- ^ "BA-Iberia Overtakes Air France by Value as IAG Debuts". Bloomberg Businessweek. 24 January 2011. Retrieved 7 November 2011.
- ^ "Deals and strikes loom for IAG after BA-Iberia merger". Reuters. 24 January 2011. Retrieved 7 November 2011.
- ^ "British Airways, Iberia merge effective". The Independent. 22 January 2011. Retrieved 7 November 2011.
- ^ "IAG purchases Airbus planes for Iberia fleet". Bloomberg Businessweek. 7 March 2011. Retrieved 1 August 2011.
- ^ Jones, Rhys (6 October 2011). "IAG sets up short-haul carrier Iberia Express". Reuters. Retrieved 4 November 2011.
- ^ "Iberia to launch low-cost airline". Retrieved 8 October 2011.
- ^ BBC News – Spanish new low-cost airline Iberia Express launched. Bbc.co.uk (2012-03-25). Retrieved on 2012-07-07.
- ^ Iberia Express to launch on Sunday. Business Traveller (2012-03-23). Retrieved on 2012-07-07.
- ^ Jones, Rhys (4 November 2011). "British Airways owner IAG to buy UK's bmi". Reuters. Retrieved 4 November 2011.
- ^ "BMI sold by Lufthansa to British Airways owner IAG". BBC News. 4 November 2011. Retrieved 4 November 2011.
- ^ "British Airways owner IAG buys BMI from Lufthansa". BBC News. 22 December 2011. Retrieved 22 December 2011.
- ^ International Airlines Group completes bmi acquisition | Business | guardian.co.uk. Guardian (2012-04-20). Retrieved on 2012-07-07.
- ^ "IAG ups bid for budget airline Vueling by one third". Reuters. 27 March 2013. Retrieved 12 April 2013.
- ^ Julien Toyer (9 April 2013). "Spain's Vueling accepts takeover bid from IAG". Reuters. Retrieved 12 April 2013.
- ^ "IAG ups bid for budget airline Vueling by one third". Reuters. 22 April 2013. Retrieved 23 April 2013.
- ^ a b "Fleet/Product". International Airlines Group. 30 June 2012. Retrieved 12 April 2013.
- ^ a b "British Airways and Iberia sign merger agreement". BBC News. 8 April 2010. Retrieved 8 April 2010.
- ^ "Contact." International Airlines Group. Retrieved on 29 January 2011. "Postal address International Airlines Group 2 World Business Centre Heathrow, Newall Road, London Heathrow Airport, HOUNSLOW, TW6 2SF"
- ^ "About Us." International Airlines Group. Retrieved on 29 January 2011. "The corporate head office for IAG is in London, UK."
- ^ "OST-2012-0081 - British Airways - EU-US Codesharing with Iberia and American". Airlineinfo.com. Retrieved 2013-01-06.
- ^ "Completion of acquisition by Flybe of BA connect". Flybe. 5 March 2007. Archived from the original on 25 February 2008.
- ^ Arnott, Sarah (9 April 2010). "BA and Iberia Sign Merger Deal, at Last". BusinessWeek. Retrieved 11 April 2010.
- ^ Noakes, Gary (8 April 2010). "BA eyes Madrid expansion". Air & Business Travel News. Retrieved 11 April 2010.
- ^ Wardell, Jane (8 April 2010). "British Airways and Iberia sign merger deal to create one of world's biggest airline groups". Yahoo! Finance. Retrieved 11 April 2010.
- ^ Otero, Lara (9 April 2010). "Iberia y British firman su fusión como primer paso para nuevas uniones" (in Spanish). elpais.com. Retrieved 11 April 2010.
- ^ International Consolidated Airlines Group SA (LSE:IAG) – Major Shareholders | Forecasts & Deals | Company Search | Simply Stockbrokers. Lt.hemscott.com. Retrieved on 2012-07-07.
External links [edit]
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