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Spain/UK: Airline takeover leads to 3,000 job losses

By  |  April 23, 2013
Spain/UK: Airline takeover leads to 3,000 job losses

Vueling Airlines SA, based in Spain, now has a new owner. British Airways parent IAG SA has reportedly bought the discount airline out for $160 million. IAG had already controlled a 48.85 percent stake in Vueling, but has since upped its holdings to 90.51 percent. According to reports, Vueling will remain a standalone unit under its own CEO. The deal will lead to about 3,000 cuts in the job force, however, but analysts say the deal is a positive move for IAG.

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