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IAG formally begins tender offer for Vueling

International Airlines Group (IAG), the parent of British Airways and Iberia, has asked Spain's National Securities Market Commission to authorise its proposed acquisition of Vueling Airlines.

Acting through a fully-owned company called Veloz Holdco, the group plans to acquire 16.2 million shares in Barcelona-based Vueling, amounting to 54.14% of the Spanish carrier's total capital. The remaining stake is already owned by Iberia.

Banco Santander has agreed to guarantee €113.4 million ($147 million) to cover the cost of the transaction - equivalent to €7 per share targeted - IAG says in a statement.

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