IAG reportedly snaps up Monarch's slots at Gatwick

IAG, the parent company of British Airways, has reportedly claimed the take-off and landing slots that once belonged to collapsed holiday-maker Monarch at London's Gatwick Airport.

Sources told the Press Association on Monday that IAG had locked in most of the slots at Britain's second busiest airport less than one week after Monarch won the right to dispose of them before the end of the calendar year, a ruling that was heavily criticised by industry bodies.

EasyJet, Wizz and Norwegian had all shown interest in acquiring Monarch's London slots, and rumours had been circulating that travel firm Thomas Cook had also been in contention for the Gatwick slots.

According to those handling the tie-up of Monarch, the low-cost carrier's slots could be worth in the vicinity of £60m.

As of 1655 GMT, IAG shares had gained 1.41% to 604.40p.