International Airlines Group (IAG) has left little doubt about its strategic intentions of late. Already comprising British Airways, Iberia, Vueling, Level and Aer Lingus, the group twice tried to buy low-cost carrier Norwegian, but could not come to a price agreement with the airline’s owners. IAG has now 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 European rivals. And Delta ...

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