British Airways and Iberia one step closer to merging
British Airways announced Tuesday
that BA Holdco SA (a new Spanish company formed on behalf British
Airways), Iberia, S.A. and International
Consolidated Airlines Group S.A. (IAG) have inked a merger plan document, which is mandatory under Spanish law before a partnership between British Airways and Iberia can be finalized.
The timetable for the completion of the merger remains the same. It is expected that both carriers will have meetings with shareholders to get the green light on the transaction, which will take place in November 2010 and be completed before the new year. The merger can not be completed until approved by the European Commission.
Source: Wall Street Journal