IAG officially takes control of Aer Lingus

International Consolidated Airlines Group announced on Wednesday that its offer for Aer Lingus is closed and the British Airways and Iberia owner now controls 98.05% of the Irish carrier.

IAG said Aer Lingus shareholders who accepted the offer will receive payment for their shares within 14 days. This includes Ryanair, which had a nearly 30% stake in the carrier and the Irish government, which owned 25.1%.

IAG put in a €1.23bn bid for Aer Lingus in December of last year, but this was rebuffed on the basis that it undervalued the airline. IAG subsequently upped its bid twice and it was the third offer of €1.36bn that Aer Lingus finally accepted.

Aer Lingus shares will be delisted from the Irish Stock Exchange by 17 September.