IAG cuts stake in Flybe

International Airlines Group (IAG) has reduced its minority stake in Flybe to less than 3%. IAG previously owned a 14.6% stake in the carrier after selling BA Connect to Flybe in 2007. After Flybe’s share issuance earlier this year, IAG reduced the stake to 5%. IAG said: “This decision is no reflection of our view of Flybe, which is making good progress with its turnaround plan. This is the right time to sell.”