Spanish government considers entry into Air Europa
It could take over 40% of the capital, meanwhile Brussels examines IAG's offer
The Spanish government is considering the possibility of entering the capital of the carrier Air Europa. An option that fuels the hope of more than 2000 employees of the airline that is on the verge of bankruptcy due to the economic crisis generated by the pandemic. In fact, Brussels recently suspended the billion-euro offer made by the top management of the International Airlines Group (IAG), which also controls the airline Iberia.
The Spanish government could take over 40% of the airline's capital, converting the state aid given to Air Europa during the pandemic into equity: 475 million in loan guarantees plus 240 million Euros. A move that would also provide Brussels with the required guarantees in terms of protection of competition. At this point the Iag Group would still be in the game, as it is also expected to participate together with the Hidalgo family, the current owners of the airline.
The proposal must now be assessed by the European antitrust authorities. The Group aims to take over the company in order to strengthen its air connections with Latin America.
On the same subject see also the article published by AVIONEWS.
AVIONEWS - World Aeronautical Press Agency