Fusiones y Adquisiciones

📌 President Xi Jinping of China will visit Las Palmas de Gran Canaria this week to promote the archipelago's role in West African projects. He will stay at the Santa Catalina hotel owned by Simón Pedro Barceló. The visit is private despite its national importance. Xi's itinerary includes the APEC summit in Peru and the upcoming G-20 summit in Brazil, with local activities like visiting Casa Museo Colón and meetings with Chinese diplomats in Spain. This is Xi's third Canary Islands visit after stops in Tenerife in 2016 and 2019, highlighting China's interest in the islands as a bridge to Africa.

✈ IAG, through CEO Luis Gallego, disclosed doubts on participating in Air Europa's capital increase to prevent its dissolution next year after a failed acquisition by Iberia's parent company. Air Europa, owned by Globalia, under the Hidalgo family, is preparing a capital increase of €50-80 million due to pandemic losses and net worth deterioration after a government-approved moratorium expired. IAG currently holds 20% of Air Europa, initially part of a plan to acquire 100% before facing European Commission competition concerns last summer.

✈️ Volotea, led by Carlos Muñoz, opts out of bidding for slots relinquished by Lufthansa and ITA Airways following the European Commission's approval of their alliance on July 3rd. EasyJet, IAG, and Air France remain contenders. Lufthansa's second payment of €325 million for 41% of ITA Airways is disputed, seeking a reduction of €50-200 million due to worse-than-expected market conditions. Volotea previously missed out on the Iberia-Air Europa deal and a joint venture with Grupo Abra's Avianca.

✈ Vueling to resume fleet renewal and expansion plan, initially adding three additional aircraft for summer 2025, after a two-year halt due to a lack of agreement with workers' representatives. Carolina Martinoli, Vueling's President and CEO, cites the pilot pre-agreement as essential for sustainable competition. Further growth details to be revealed soon, with fleet strategy decisions dependent on parent company IAG, as confirmed by IAG CEO Luis Gallego.

🛫 The Italian Government halted the sale of a 41% stake in ITA Airways to Lufthansa due to a pricing dispute, with Lufthansa attempting to pay €10 million less than the €325 million initially agreed upon. The current pause in the process is not expected to alter its course, despite being the first incident in the acquisition process by the German airline, which has EU Commission approval.

🛩 Boeing, amid its latest major crisis, hopes to end a strike that started on September 13, halting production at its Seattle plant. The company has proposed a 38% salary increase over four years, with today being the decisive vote by employees. The strike has lasted seven weeks, affecting production of Boeing's most demanded model, the 737 MAX. The offer also includes a choice between a $12,000 bonus or a $7,000 bonus plus a $5,000 pension plan contribution. The International Association of Machinists and Aerospace Workers, with over 33,000 members, supports the offer. This is seen as Boeing's final bid as they face quarterly losses of $6 billion and financial instability risks. CEO Kelly Ortberg has communicated that this is their best offer, hinting at less generous future proposals if not accepted.

🌊 Grupo Barceló, a Spanish hospitality conglomerate, is in talks about purchasing a Nile cruise ship to cater to travelers booking through Ávoris tour operators. Investment in Egyptian cruises is deemed attractive despite regional conflicts and humanitarian crises. Spanish tourism to Egypt has surged with operators like Sama Travel and numerous charter flights to Luxor and Cairo. The opportunity aligns with strategies of other Spanish operators in Egypt, as reported by key industry sources to 'Preferente'.

💥 High-speed train services between Madrid and Valencia will be suspended for at least three weeks due to severe damage caused by the DANA. The Minister of Transport and Sustainable Mobility, Óscar Puente, reported that over a kilometer of track in the Chiva tunnel has collapsed, requiring complete replacement. Authorities are working on contingency plans to provide alternatives for affected travelers.

🚨 High-speed rail service between Madrid and Valencia suspended for up to four days due to severe DANA-induced floods causing "significant" damage, stated Transport Minister Óscar Puente. Rail operators Iryo and Ouigo have halted all operations on the affected route, while Renfe has canceled high-speed and long-distance services, without an official reopening date. Approximately 24,000 passengers have experienced delays and cancellations, with 11,400 affected today and 2,700 the previous day. Adif has closed the line for the entire day, and the Valencia-Barcelona connection remains suspended.

🌊 A passenger aboard a TAP Air Portugal flight recorded the disaster caused by the DANA in Valencia, showing extensive flooding. The aerial view revealed significant material damage and dozens of fatalities. Ángel Víctor Torres, Minister of Territorial Policy and Democratic Memory, announced the immediate declaration of a "Catastrophic Zone" by the Council of Ministers.