* IAG has around 90 pct of no-frills airline
* Deal values Vueling at 277 mln euros
* IAG up 4 pct
MADRID, April 22 International Airlines Group
(IAG) , the owner of British Airways and
Iberia, has won sufficient backing from investors in Vueling
to take control of the Spanish budget airline, Spain's
stock market regulator said on Tuesday.
IAG now has around 90 percent of Barcelona-based Vueling, up
from 46 percent, after a takeover bid that valued the company at
277 million euros ($360 million).
IAG offered 9.25 euros a share after Vueling's management
rejected a previous offer of 7 euros per share.
IAG is trying to lay off more than 3,000 workers and cut
salaries at Iberia to return it to profitability.
IAG Chief Executive Willie Walsh said this month the company
would not merge Vueling with Iberia.
But the takeover should help IAG boost its short-haul
business and Vueling's profits will help offset the group's
losses in Spain.
Vueling shares were down 1.8 percent at 8.93 euros at 1054
GMT while IAG was up 4.3 percent at 3.12 euros.