Iberia says not obliged to make full Vueling bid
MADRID, June 29 (Reuters) - Spain's stock market regulator has exempted Iberia (IBLA.MC) from launching a full bid for low-cost airline Vueling (VULG.MC), the Spanish flag carrier said on Monday.
Iberia's budget offshoot Clickair is due to seal its merger with Vueling in July.
On completion of the deal, Iberia is set to own 45.85 percent of the new group, exceeding the 30 percent threshold which normally triggers the obligation to make a full bid according to stock market regulations.
Iberia requested exemption from this obligation earlier this month.
The creation of the new airline, which will also be called Vueling, will save 25 million euros ($35 million) of costs a year over three years and boost revenue by 40 to 45 million euros a year, according to Vueling's projections.
Iberia rose 0.60 percent to 1.50 euros at 0854 GMT, while Vueling added 0.56 percent to 7.19 euros. The blue chip IBEX-35 index (.IBEX) rose 0.72 percent. ($1=.7143 Euro) (Reporting by Judy MacInnes; editing by Jon Loades-Carter)
