Clickair approves fusion with Vueling to create the first Spanish low cost airline
Yesterday the board of directors of Clickair gave the go ahead to the fusion of their company with Vueling whose board of directors also approved the project last week. The new company is forecast to begin operating in June this year with 39 routes 23 of which will be to international destinations. The current chairman of Vueling, Josep Piqué, will continue in his position and the chairman of Clickair, Alex Cruz, will be the new company’s first chief executive.
Iberia has confirmed that it will hold onto its 20% ownership of Clickair and that this could rise to 45%. Nefinsa will also retain its interests in the new Vueling although only as a minority shareholder. Iberia said that some of the handling and maintenance for the new company will be carried out by Iberia or its associates.
Following approval of the fusion by the shareholders of both Vueling and Clickair the operation to absorb Clickair into Vueling will begin and Vueling will acquire all the rights and obligations previously held by Clickair.
The type of exchange proposed for the fusion is 2.98 shares of a euro for Vueling for every share of 10 euros for Clickair something which needs to be approved by both companies board of directors.