May 4, 2018

Norwegian snubs bid from British Airways owner

Norwegian Air Shuttle, the fast-expanding budget airline, says it has unanimously rejected two bid offers from the owner of British Airways. Shares in Norwegian initially fell as much as 10% on the news before recovering slightly. Revenue climbed 2.1% to €5bn. IAG said it had "Had contact with the Norwegian board regarding a possible offer, without reaching agreement". In response, Norwegian issued a statement confirming that it had received "Two separate conditional proposals" from IAG offering to buy the entire company. Norwegian Air has earned a name for its low-cost deals, such as £99 one-way flights from Edinburgh and Dublin to New York.

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