Air Europa acquisition remains justified: IAG’s Walsh

IAG is striving to close the acquisition of Air Europa by the end of this year, undeterred by the impact of the air transport crisis, although it is reviewing the structure of the E1b deal in response to the downturn. While outgoing IAG chief Willie Walsh has previously stated that the “best form of consolidation is when the weak disappear” – underlining his belief that inefficient airlines should not be saved by investors – he stressed during the company’s half-year briefing that Air Europa, even under the pressure of the current crisis, was not among these weak operators, and that IAG believes its pursuit is justified. “We firmly believe Air Europa will not fail,” he insists. “That has been a fundamental factor in our decision.”<br/>