Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Spain's eDreams considers legal action against Iberia and BA

Published 10/27/2014, 07:35 AM
Updated 10/27/2014, 07:35 AM
© Reuters Passenger planes of Spain's flagship Iberia airline are parked at Terminal 4 of Madrid's Barajas airport

MADRID (Reuters) - Spain's eDreams Odigeo is considering legal action against British Airways and Iberia over Friday's withdrawal of fares from three of the online travel company's websites, causing its shares to plunge nearly 60 percent.

Executives of eDreams on a conference call with analysts on Monday declined to elaborate on what action they could take but said that a statement made by the airlines on Friday was "inaccurate" and had been issued without warning.

"We're exploring our legal options," one executive said.

No one from Iberia or British Airways, both part of the International Airlines Group, was immediately available to comment.

The airlines allowed fares to be posted again on the Spanish and French sites on Saturday, helping to lift shares in eDreams 88 percent by 1120 GMT after trading resumed on Monday. The shares had tumbled by 59 percent before trading was suspended on Friday.

British Airways and Iberia had said on Friday that they could no longer allow fares to be published on eDreams in Spain, Opodo in France and eDreams.com because final ticket prices shown did not comply with European and Spanish legislation.

The online travel group reiterated its 2014 earnings guidance during the Monday conference call.

(Reporting by Sarah Morris; Editing by Paul Day and David Goodman)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.