The shareholders of British Airways and Iberia approved plans for the two airlines to merge at meetings in London and Madrid on November 29.
Scheduled to take effect from January 21, the merger required the approval of BA shareholders for its ownership to be transferred to a new holding company, BA Holdco. The new company will hold 56 per cent of the merged International Consolidated Airlines Group (ICAG), while Iberia will hold 44 per cent.
“This is an historic day for British Airways with shareholder approval giving us the green light to merge with Iberia,” a BA spokesman told UK media. “We’ve had a strong relationship with Iberia for more than a decade and this merger will enhance both airlines’ strategic and financial positions, creating benefits for our customers, shareholders and staff.”
