|
The boards of directors of Iberia and British Airways have approved a binding agreement that formalizes the basis for a merger between the two companies to create the third largest airline group in the world, according to a statement by the Spanish airline.
The resulting entity will have a fleet of 419 airplanes and will fly to 205 destinations. The two airlines agree that there are significant strategic reasons for the deal, which is expected to generate synergies worth approximately €400 million and which will benefit shareholders, clients and employees of both companies.
The new group will combine the management teams from both companies in the United Kingdom and Spain and will strengthen its presence in long haul international markets. Both airlines will keep their respective brands and operations. The merger is expected to be completed by the end of 2010.
|
11/13/09
Back 