Aer Lingus owner hires Deutsche Bank for €500m share buyback

IAG share buyback programme to run until end of December

IAG chief executive Willie Walsh. The group’s share buyback plan involves the maximum purchase of 8.9 per cent of the company’s shares.

IAG chief executive Willie Walsh. The group’s share buyback plan involves the maximum purchase of 8.9 per cent of the company’s shares.

 

Aer Lingus’s parent, International Consolidated Airlines Group (IAG), said it has concluded terms of its planned €500 million share buyback programme, with Deutsche Bank hired to implement the plan.

IAG, which was set up in 2011 through the merger of British Airways and Spanish flag carrier Iberia, said on Monday that the plan involved the maximum purchase of 8.9 per cent of the company’s shares and that it would buy no more than a quarter of the average volume of traded shares in any given day.

The programme, which started on Monday, runs to the end of December.

IAG announced plans for its first share buyback last month as it reported an 8.6 per cent rise in operating profit, to €2.5 billion, in 2016, despite a 1.3 per cent fall in revenue. A slump in sterling following the Brexit referendum in June had cost the group €460 million.

Aer Lingus, which IAG took over in August 2015, posted €233 million of operating profits last year.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.