November 8, 2012 / 1:52 PM / 5 years ago

IAG makes formal offer for Spanish budget carrier Vueling

LONDON, Nov 8 (Reuters) - IAG, formed by the merger of British Airways and Iberia, on Thursday said it had made a formal offer to buy the 54.15 percent of Spanish low-cost airline Vueling that it doesn't already own for 113 million euros.

IAG said it had made an offer of 7 euros per share and that a deal would be funded using "internal IAG resources".

While IAG holds 46 percent of Vueling's capital, 23 percent is held by international institutional investors, 13 percent by Spanish investors and 18 percent by minority shareholders.

The deal values Vueling at 209.3 million euros, according to Thomson Reuters data.

Vueling shares in Madrid had risen 51 percent to 5.84 euros from end-2011 until trading in the stock was suspended on Wednesday.

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