Aer Lingus owner IAG has again offered remedies to the European Commission aimed at securing EU approval of its takeover of Spain's Air Europa.
'We submitted a new remedy package with some adjustments compared to the previous one,' IAG said in an email.
'It includes improvements that have come from the constructive dialogue we have been maintaining with the European Commission, with the aim of ensuring that the acquisition of Air Europa is carried out with all guarantees for consumers.'
Concessions
IAG, which owns Spanish airline Iberia, had proposed remedies in February which the EU's competition enforcer deemed insufficient.
The latest set of concessions will see Air Europa cede 52% of its 2023 flights to rivals and includes the names of competitors that have signed memoranda of understanding with IAG, a person familiar with the matter said.
The Commission, which usually seeks feedback from rivals and customers before deciding whether to accept remedies, has extended the deadline for its decision to Aug. 20.
Air Europa
IAG last month said it was in talks with Avianca, Binter, Iberojet, Ryanair, Volotea, and World2Fly to cede short-haul and long-haul routes to its rivals.
IAG is paying €400 million to Spanish tourism company Globalia for the 80% of Air Europa it does not own.
Corporate Demand
In February, IAG said it had more than doubled its operating profit last year and gave a positive outlook for 2024 on the back of sustained travel demand.
"In 2023, IAG more than doubled its operating margin and profit compared to 2022, generated excellent free cash flow and strengthened its balance sheet position," IAG CEO Luis Gallego said in a statement.
Gallego said that the Middle East conflict had impacted mostly corporate demand in the last quarter of 2023 and the first quarter of 2024, but was expected to recover.
