(AFP) International Airlines Group said on Thursday it had launched an offer for full control of Spanish carrier Vueling Airlines, which is already almost half owned by IAG’s Iberia.

IAG, which also owns British Airways, said in a statement that it had offered seven euros per Vueling share, valuing the company at 209.3 million euros ($267 million) according to a calculation by AFP.

Spanish airline Iberia has a 45.85-percent shareholding in the Barcelona-based Vueling, Spain’s fourth largest airline in terms of passenger numbers.

“The price of the offer implies a premium of 27.97 percent to the closing market price of” Vueling on Wednesday, IAG said in its statement.

Vueling last month said it was expanding its network in 2013 to a total of 100 airports, with London, Frankfurt and Dusseldorf among the new destinations.

SOURCE AFP