My bet is that IAG is looking at this from a couple of angles:

1) allows them to get their hands on the actual financials if Norwegian decides to play nice, which depending on their debt covenants is a possibility.

2) allows them to secure 787’s immediately, which depending on the financials may be an attractive proposal. If the financials are truly terrifying, they may still be able to get the 787’s by working new finance agreements on them.

3) would give them additional AOC’s in Norway, Ireland, the UK, and Argentina.

Number three is my bet, and it’s bad news for everyone on this side of the pond. IAG has the capital to actually make a sustained run at the flag of convenience model, and they may feel behind the curve already based on Lufthansa’s overall holdings.

TL/DR: I hope any takeover is blocked and Norwegian is allowed to wither on the vine.