Norwegian does not want to see IAG's takeover bid take off There are currently no plans to sell low-cost airline Norwegian Air Shuttle, the group's chief executive said Friday, after British Airways owner IAG indicated it was mulling a takeover.
"I have not envisaged any sale," Bjorn Kjos, who is also the main shareholder, told reporters following a meeting of the group's shareholders.
The comment came a day after IAG, which also owns Spanish airlines Iberia and Vueling as well as Ireland's Aer Lingus, announced it had acquired a 4.61 percent stake in Norwegian.
After news of the minority acquisition broke, the carrier's shares soared 47 percent on the Oslo stock exchange Thursday. On Friday, it picked up another 3.9 percent at one point before falling back to a 2.8 percent rise.
Norwegian is Europe's third largest low-cost carrier after Ryanair and Easyjet.
"I have to underline that we have had a lot of approaches from different airlines," Kjos said, as he described IAG as a "very professional" company.
Norwegian is one of the few low-cost airlines to venture into long-haul flights, which has long been the preserve of major carriers, and has been rapidly adding routes.
But it is also heavily indebted and recently ran into financial turbulence in its expansion bid.
In March, it had to raise 1.3 billion Norwegian kroner (136 million euros, $168 million) in a share sale in order to cope with its troubles.
In 2017, its earnings were in the red with losses nearing 300 million kroner.
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