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British Airways and Iberia to merge
British Airways and Spanish national carrier, Iberia have signed a merger agreement. The move follows a binding memorandum of understanding agreed between the two airlines last November.
The merger - expected to be complete by the end of the year - will create one of the world's largest airlines, with 408 aircraft flying to 200 destinations and carrying more than 58 million passengers per year. It will create a new holding company called International Consolidated Airlines Group SA which will be known as International Airlines Group. Both airlines will retain their current operations and operate under their individual brands - British Airways and Iberia.
Antonio Vazquez, Iberia's chair and chief executive, said: "This is an important step in the process towards creating one of the world's leading global airlines that will be better equipped to compete with other major airlines and participate in future industry consolidation. We look forward to concluding the deal before the year end."Willie Walsh, British Airways chief executive, said: "The merged company will provide customers with a larger combined network. It will also have greater potential for further growth by optimising the dual hubs of London and Madrid and providing continued investment in new products and services."
The completion of the merger is subject to regulatory approval from the relevant competition authorities including the European Commission and to approval by both British Airways and Iberia shareholders. The latter is expected to be obtained by November, with completion around one month later.
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