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IAG ‘to make a third €1.5bn offer for [airline] Norwegian’

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Spanish newspaper Expansion reported yesterday (see here, Chrome can translate) that BA’s parent company, IAG, is to make a third offer for Norwegian.

This will value the airline at 330 NOK per share, giving the equity a total valuation of €1.52bn.  This is a 31% premium to the share price last Friday although, as Norwegian carries a huge amount of debt, the actual premium to the Enterprise Value of the business is much lower.

IAG Norwegian takeover bid

Since the Norwegian CEO controls 27% of the company, the decision will in reality rest with him.  With the oil price remaining fairly high by recent standards, Norwegian will face increasing pressure from its lenders.

Whilst Norwegian has said that other airlines have expressed interest, I would be less certain.

As IAG is likely to be a more conservative owner of the company – and may well close down the long-haul operations entirely to free up aircraft for LEVEL, BA, Iberia and Aer Lingus – Air France KLM and Lufthansa might be happier to sit it out and reap the benefits of reduced competition without having to spend any money of their own.


How to earn Avios points from UK credit cards

How to earn Avios from UK credit cards (June 2022)

As a reminder, there are various ways of earning Avios points from UK credit cards.  Many cards also have generous sign-up bonuses!

In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards.

Until 18th July 2022 there is an astonishing special offer on these cards. You get 50,000 Avios on the Avios Plus Mastercard and 10,000 Avios on the free Avios Mastercard. You can apply here. We strongly recommend getting the Avios Plus card whilst this offer is running.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

Barclaycard Avios Plus card

Barclaycard Avios Plus Mastercard

50,000 Avios for signing up (A CRAZY SPECIAL OFFER!) and an upgrade voucher for spending ….. Read our full review

Barclaycard Avios card

Barclaycard Avios Mastercard

10,000 Avios for signing up (SPECIAL OFFER) and an upgrade voucher for spending £20,000 Read our full review

There are two official British Airways American Express cards with attractive sign-up bonuses:

British Airways BA Premium Plus American Express Amex credit card

British Airways American Express Premium Plus

25,000 Avios and the UK’s most valuable card perk – the 2-4-1 voucher Read our full review

British Airways BA Amex American Express card

British Airways American Express

5,000 Avios for signing up and an Economy 2-4-1 voucher for spending £12,000 Read our full review

You can also get generous sign-up bonuses by applying for American Express cards which earn Membership Rewards points.

SPECIAL OFFER: The sign-up bonus on Amex Gold is increased from 20,000 Membership Rewards points to 30,000 Membership Rewards points until 19th July 2022. This card is free for the first year.

American Express Amex Gold

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & two airport lounge passes Read our full review

American Express Platinum card Amex

The Platinum Card from American Express

30,000 points and an unbeatable set of travel benefits – for a fee Read our full review

Run your own business?

We recommend Capital On Tap for limited companies. You earn 1 Avios per £1 which is impressive for a Visa card, along with a sign-up bonus worth 10,000 Avios.

Capital On Tap Business Rewards Visa

10,500 points bonus – the most generous Avios Visa for a limited company Read our full review

You should also consider the British Airways Accelerating Business credit card. This is open to sole traders as well as limited companies and has a 30,000 Avios sign-up bonus.

British Airways Accelerating Business American Express card

British Airways Accelerating Business American Express

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

There are also generous bonuses on the two American Express Business cards, with the points converting at 1:1 into Avios. These cards are open to sole traders as well as limited companies.

Amex Platinum Business American Express

American Express Business Platinum

40,000 points sign-up bonus and a long list of travel benefits Read our full review

American Express Business Gold

20,000 points sign-up bonus and free for a year Read our full review

Click here to read our detailed summary of all UK credit cards which earn Avios. This includes both personal and small business cards.

(Want to earn more Avios?  Click here to visit our home page for our latest articles on earning and spending your Avios points and click here to see how to earn more Avios this month from offers and promotions.)

Comments (123)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Stuart says:

    OT How does the expiry on the IHG Credit Card free night work? Does the free night have to be booked or redeemed within 1 year?

    • David says:

      It must be redeemed within 12 months from date of issue.

      • Alex W says:

        I thought as long as you booked within the expiry (mine is more like 13 months) you could stay after the expiry date?

        • Stuart says:

          Thanks

          I’m going to try and call the call center as it won’t let me book online after the expiry date.

  • the real harry1 says:

    Same story on FT, if link goes behind paywall just google ‘After two unsuccessful attempts to pass through an airport metal detector, passengers are required to remove all visible forms of trouser support, and waddle through for a third time — risking indignity to avoid that weird 360-degree cylindrical body scanner. Or that burly security operative with slightly soiled rubber gloves.

    And, this morning. British Airways owner IAG may be contemplating a similarly “belt and braces” approach in its bid to get to Norway – or at least bid for Norwegian Air Shuttle. If reports in Spanish newspaper Expansion can be believed, IAG plans to make a third offer of €1.52bn after two previously unsuccessful attempts.’

    https://www.ft.com/content/7de8318a-5cc4-11e8-9334-2218e7146b04

  • Wally1976 says:

    OT – can anyone confirm, please, if it is possible to amend bookings made with the Hilton free weekend night voucher that came with the Hilton Barclaycard Visa (no longer available to new customers)? Thanks

    • MarkH says:

      Yes – up until 24hrs before i think

    • MattC says:

      Ring the hotel.
      At least with paid stays I’ve had no problems doing this even on advanced tickets “which can’t be changed”. They do so as a one off and it seems to need to hotel to actually do it (not Hilton central bookings), or at least agree to the change. Might help that I’ve been Gold or Diamond when doing this. With a reward night you should be able to cancel and reissue so a call is about saving time.

    • wally1976 says:

      Thanks Matt and Mark

    • Luthar says:

      Yes. I’ve had to amend me booking three times due to unforeseen circumstances. As long as it’s more than 24 hours before the booking.

  • Alan says:

    If this goes through I really hope they don’t kill off the short-haul routes, EDI-OSL is a nice easy positioning flight for an ex-OSL departure, would be a right pain to have to go via London.

  • callum says:

    I hope they don’t take it. I think Norwegian is a great airline and don’t buy into the “it’s about to go bust” scare stories (not least because if that was true, IAG would have no need to buy them anyway). Though I am of course no expert!

    • Doug M says:

      They lack cash, and are reliant on lower oil prices. IAG want to buy them to get the planes and landing slots. Part of the reason people like Norwegian is that it’s not sustainable, you’re getting more than you’re paying for, it’s in effect buying your business to support it’s growth. But eventually you have to start making money or you fold, or get bought.

      • Callum says:

        Have you looked at their balance sheets or are you going off a load of soundbites?

        Their short haul operation was (and presumably is) profitable. Their losses are currently less than the profits they were making before their long haul expansion. I find it hard to believe that their creditors will ever just suddenly pull out without trying to fix them first – it wouldn’t be beyond practicalities for them to just go back to being a profitable short haul airline again if necessary.

        If their demise is as certain as you seem to think it is, why don’t IAG wait and buy the aircraft and landing slots when they go bust? The obvious answer is that IAG don’t believe they’re going to go bust.

  • Peter K says:

    Shame the NOW TV offer isn’t as good as the 500 clubcard points for £12.50 like last time 🙁

    • Genghis says:

      +1. My boss still protests that I agreed to sell him a full box, not a now tv box and a movies voucher with the sky movies money voucher removed…

    • Kathy says:

      I still have 3 boxes to get rid of somehow, sans vouchers.

      • Alex W says:

        Managed to flog 2 on eBay complete with vouchers. Maybe I just got lucky.

  • Tilly says:

    O/T – after The Original Nick asked yesterday if BA had contacted me about my complaint for the return flight from YYZ last week they phoned me this morning. Outcome is I get 6k avios credited and the crew will be given the feedback.

    • TripRep says:

      Tilly – are you happy with that (I missed the cause of the complaint)

    • The Original Nick says:

      Hi Tilly, I managed to squeeze 60000 out of them.. But my flight experience was the worst I’ve ever known in a premium cabin. I didn’t even eat or drink and had no IFE.

      • Tilly says:

        TripRep, am satisfied with that. No-one died, was just disappointed about lack of meal (only ended up with fruit) and having to ask for a drink with my brekkie rather than being offered. Service wasn’t good but I did get apology on-board. I wasn’t expecting much.

        Nick – that’s a decent amount, more than what i “paid” in points for the seat. I only redeemed 50k and used a 241 for hubby’s seat for that flight. My IFE was working, not that I really used it.

        • The Original Nick says:

          Tilly, I was on a Lloyds Upgrade Voucher.

        • Tilly says:

          Guess that means you paid cash for PE? So the poorer service/flight you experienced would have been more disappointing. 60k is a good result.

  • wally1976 says:

    Another OT – sorry – could someone remind me of the ‘trick’ for transferring Amex MR points to Radisson Rewards (Club Carlson)? I think you have to drop some digits from the beginning of the account number?? Thanks.

    • Genghis says:

      Need to call. You’re thinking SPG

      • wally1976 says:

        Thanks Genghis, I know with SPG you have to add four zeroes to the beginning but thought there was something similar for Radisson…

        • Hasim says:

          It is something like the first five digits. Long wait to confirm, takes 10 days approx. Good luck sir.

    • wally1976 says:

      It seems to work if you miss the first 6 digits off (601599 for everyone I think). I’ve transferred the minimum 3 points this way so I’ll see if they arrive in the next few days before doing some more!

      • Genghis says:

        Thanks for reporting back. Now I know. I had to call up.

        • Hasim says:

          If you search online many times you can find this very valuable information. It takes a long time to confirm when you do it online. By phone maybe it is confirmed so much quicker???

This article is closed to new comments. Feel free to ask your question in the HfP forums.

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