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Vueling Board Rejects IAG Takeover Offer

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The board of Spanish low-cost airline Vueling on Thursday recommended that shareholders reject a takeover offer from International Airlines Group.

The board said the offer of EUR€7 (USD$9.18) per share did not reflect the value of the company.

IAG owns 45.85 percent of Vueling, whose shares closed at EUR€7.85 on Thursday.

(Reuters)