Like a particularly gripping television drama, the latest episode in the potential takeover of Air Europa by fellow Spanish airline Iberia begins with an 180° turn: there is to be no takeover, at least not for the moment. Not a full takeover, at any rate. For two years now, the aviation world has been following the development of the 'Iberia buys Air Europa' story as it progressed slowly, waiting first for the response from the competition commission, then more slowly still due to the arrival and development of the coronavirus pandemic.Throughout all this, we knew - or thought we knew - all along what the endgame would be: takeover or no takeover.However, the plot has now take an interesting twist, not only at the aeronautical level, but also at the business level, as this is a complicated undertaking with many tricky details that need ironing out. The complexity of the negotiation makes it difficult to understand Iberia's determination to continue, given the uncertainties created by the pandemic.
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