Vueling rejects IAG takeover offer

MADRID, March 7 Thu Mar 7, 2013 2:48pm EST

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MADRID, March 7 (Reuters) - The board of Spanish low-cost airline Vueling on Thursday recommendended that shareholders reject a takeover offer from International Airlines Group .

The members of the board said the offer of 7 euros per share did not reflect the value of the company.

IAG owns 45.85 percent of Vueling, whose shares closed at 7.85 euros on Thursday.