FRANKFURT/PARIS—International Airlines Group (IAG) of late has left little doubts about its strategic intentions. Already made up of British Airways, Iberia, Vueling, Level and Aer Lingus, the group tried to buy LCC Norwegian twice but could not agree with that airline’s owners on a price acceptable to both sides. Now, IAG has moved on and plans to take over its largest remaining competitor in Spain, Air Europa, a deal with some subtleties that could trigger responses by its ...

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