WEB Airline faces board takeover bid
Elliott sets 10 nominees for Southwest's 15-seat panel
WEB The hedge fund vying to take over Southwest Airlines has revealed its own slate of candidates to join the carrier's board of directors. Southwest's board will evaluate Elliott's proposed nominees as part of its ongoing board refreshment process, the airline said on Monday. Southwest shares were little changed at 9:33 a.m.
The 10 candidates give shareholders a choice between the existing board, which has overseen Southwest's recent struggles, and Elliott's nominees, who have promised to shake up the company. Elliott has been critical of Southwest's management, arguing that the airline has lost its way and needs new leadership. The hedge fund has also proposed a number of changes to Southwest's business, including cutting costs and expanding into new markets.
IAG takeover of Air Europa faces fresh challenges in Brussels
WEB The European Commission is preparing to voice competition objections to Iberia's proposed takeover of Air Europa, according to people familiar with the matter. The EU's antitrust enforcer is concerned that the deal would create a dominant player in the Spanish market, leading to higher prices and less choice for consumers.
The Commission is expected to send a statement of objections to IAG, the parent company of Iberia, in the coming weeks. This will give IAG an opportunity to respond to the Commission's concerns and offer remedies to address them.
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