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BA and Iberia confirm merger
13 November 2009
Two European flag carriers announce their intentions to merge.
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[British Airways]
[Iberia]
[merger]
[Willie Walsh]
[Antonio Vazquez]
Predicting synergies of €400 million ($595 million), British Airways (BA) and Iberia have signed a memorandum of understanding to merge. The airlines will sign the agreement in the first quarter of 2010 and are expected to complete the merger by the fourth quarter of 2010.
The combined group will have 419 aircraft and fly to 205 destinations. The airlines stated in a presentation that they expect 33% synergies.
While the operational and financial headquarters will be in London, with registered office in Madrid, each carrier will keep their base in their home country as well as their codes...
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