Home Stock Market EU antitrust regulators prolong deadline for IAG-Air Europa deal to Dec. 3...

EU antitrust regulators prolong deadline for IAG-Air Europa deal to Dec. 3 By Reuters

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© Reuters. FILE PHOTO: Iberia and Air Europa airplanes are parked at a tarmack at Adolfo Suarez Barajas airport amid the coronavirus illness (COVID-19) pandemic in Madrid, Spain, December 15, 2020. REUTERS/Susana Vera

BRUSSELS (Reuters) – EU antitrust enforcers have prolonged their deadline for a choice on British Airways and Iberia proprietor Worldwide Airways Group (LON:)’s 500-million-euro ($589.5 million) bid for Spain’s Air Europa to Dec. 3, an EU submitting confirmed.

The European Fee, which opened a full-scale investigation final month on considerations that the deal would cut back competitors on Spanish native and worldwide routes, had beforehand set a Nov. 5 deadline.

For the reason that begin of the pandemic, the EU competitors regulator has prolonged its deadlines in quite a few merger instances to permit corporations extra time to collect info from purchasers and rivals essential to assess offers.

IAG might have to supply concessions, resembling giving up sure routes, to safe EU approval for the Air Europa deal.

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