Vueling Airlines (VY, Barcelona El Prat) has issued a statement that its board of directors recommends its shareholders to reject the proposed takeover of 100% of its capital by minority shareholder International Airlines Group. The British Airways (BA, London Heathrow) and Iberia (IB, Madrid Barajas) parent currently owns 45.85% in Vueling and had proposed to acquire the remaining shares in the low-cost carrier for 113 million EUR and has made an offer to all other shareholders. Vueling's board thinks that the offer would be lower than the true value of the LCC.