IAG to cut Air Europa price tag to 300-400 mln euros -El Confidencial

MADRID, Nov 17 (Reuters) - International Consolidated Airlines Group has managed to cut the purchase price for Spanish carrier Air Europa to 300-400 million euros ($355-$474 million), news website El Confidencial reported on Tuesday citing unidentified sources.

The London-based group would pay the new price for Air Europa in IAG shares, El Confidencial reported.

IAG’s top executives had said they were reviewing the acquisition unveiled a year ago with a price tag of 1 billion euros before the coronavirus pandemic ravaged the travel industry.

This month, the Spanish government announced a 475 million euro aid package for Air Europa.

IAG’s Spanish unit Iberia declined to comment, while officials at Globalia, the owner of Air Europa, were not immediately available for comment.

$1 = 0.8439 euros Reporting by Inti Landauro and Jesus Aguado; editing by Jason Neely