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IAG on track to meet annual target, Aer Lingus almost in the bag

Reuters - UK Focus

LONDON, July 31 (Reuters) - British Airways-owner IAG , close to sealing its takeover of Aer Lingus (Other OTC: AELGF - news) , reported a forecast-beating 40 percent rise in quarterly profit, which it said put it on track to meet its annual target.

IAG on Friday declared its offer for Aer Lingus unconditional as to acceptances after it waived a 90 percent acceptance condition.

The airline group, which also operates the Iberia and Vueling brands, on Friday posted operating profit of 530 million euros in the three months ended June 30, ahead of a company-supplied consensus forecast of 494 million euros.

IAG's 1.3 billion euro takeover of Aer Lingus is now close to be finalised after an eight month process, having been approved by European competition regulators and won the backing of the two biggest Aer Lingus shareholders, the Irish government and Ryanair. (Reporting by Sarah Young; editing by James Davey)