IAG Closing In On Aer Lingus

IAG's takeover of Aer Lingus has moved closer to its conclusion with the US Department of Justice giving its approval and the Irish carrier's shareholders backing special resolutions linked to the deal.

Investors in Aer Lingus now have until 16:00 GMT to accept IAG's EUR€1.3 billion (USD$1.4 billion) offer under an initial deadline.

IAG has already won the backing of the two biggest Aer Lingus shareholders, the Irish government and Ryanair, and must wait to see whether shareholder acceptance meets the 90-percent threshold level, which will spell the conclusion of the eight-month takeover process.

European competition officials approved the takeover on Tuesday.