BA and Iberia ‘edge closer to mid-February merger’
31.12.09
British Airways and Iberia's joint steering group is making ‘good progress’ toward signing a merger deal in mid-February, according to a report in BA's weekly in-house newsletter. The two airlines have been in talks since July 2008 and in November signed a memorandum of understanding. Under the terms agreed, BA shareholders will take 55% of a joint company headquartered in Madrid, and Iberia shareholders will take the remaining 45%. The merged company will retain the two airline brands and BA will continue to be based in the UK.
BA's Director of strategy and business units, Robert Boyle, told the newspaper: ‘Although this agreement will set out in detail the terms for the merger, certain conditions will still need to be satisfied before a completion can take place. These include clearance from regulatory bodies, shareholder approval and reaching agreement on pensions. In practice, this means that the merger is unlikely to be legally completed until later in 2010.’
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