IAG flies on the stock exchange between the closing of the Iberia-Air Europa alliance and the capital increase
The latest news on IAG have given wings to the company on the stock market, which this Wednesday advances more than 8%, positioning itself as the most bullish of the Ibex 35. To the capital increase that the General Shareholders Meeting will approve on September 8 The intention to close the alliance between Iberia and Air Europa is added this month.
The heads of both companies, with government intervention, want to close the negotiations before September. Of course, any agreement will have to be approved by the boards of directors of both Iberia and IAG and the first stumbling block they face is price.
Although in November they agreed on a figure of 1,000 million euros, recently, the president of Iberia and future CEO of IAG, Luis Gallego, clarified that this amount is no longer valid after the impact of the health crisis caused by Covid-19.
On the other hand, the airline conglomerate has confirmed a capital increase of 2.75 billion, with which it seeks to continue reducing its financial leverage and increasing its liquidity position. IAG assures that Qatar Airways, its largest shareholder, has already promised to vote in favor of the expansion, making use of its 25.1% stake in its share capital.
In the first semester of 2020, IAG lost 3,806 million euros compared to the gains of 806 million registered in the same period of the previous year. In addition, it has recognized that it will not be until the year 2023 when it will be possible to recover the flow of passengers that was reached in 2019, before the coronavirus epidemic left its aircraft on the ground.