August 6, 2020

Iberia’s parent company soars in the stock market after removing veto from shareholders outside the EU



The measure was adopted to protect against the possibility of a Brexit without agreement

IAG, the “holding” that includes Iberia, British Airways (BA), Vueling, Aer Lingus and the LEVEL brand, has decided immediately eliminate the limit to the participation of shareholders outside the European Union Two weeks after Brexit is effective. Specifically, on February 11, 2019, the group decided that ownership of the company’s capital stock by non-EU shareholders was limited to 47.5%. After lifting the limitation today, the group’s shares have skyrocketed above 5% on the stock market, with a price close to 8 euros.

The board of the holding company decided to limit the presence of shareholders from outside the EU to shield itself from the possibility of a Brexit without agreement. In the event of an abrupt departure from the United Kingdom of the European club, if the shareholder of the group was not controlled by at least 50.01% by Community investors, they would have lost their licenses to operate in European territory. Currently, the percentage of shares issued by IAG that are owned by non-EU persons is, as recorded in the IAG record of shares of 39.5%, as reported by the owner of Iberia, which eliminates the maximum with immediate effects permitted.

The IAG board of directors will continue to monitor the percentage of shareholding of shareholders outside the EU, although it may once again impose the maximum allowed at any time it is necessary.

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