The fusion of IBERIA with BRITISH AIRWAYS will give rise to one of the three world-wide giants of the aviation sector.
If you read Spanish go directly to LA FUSIÓN ENTRE IBERIA Y BRITISH AIRWAYS DARÁ LUGAR A UNO DE LOS TRES GIGANTES MUNDIALES DEL SECTOR AÉREO The others follow me:
Iberia and British Airways have resolved the main stumbling blocks in their process of fusion. After more than three years of negotiations, the materialization in the agreement between the two airlines will give rise to one of the three dominant groups of world-wide the aerial sector.
The last stumbling block to solve, and that prevents the official announcement of the agreement, has its origin in the United States and the regulation of its airspace.
If Iberia lost in the fusion its condition of flag company, it would also lose slots* that at the moment it has in the U.S.A.
This subject now is in the heat of negotiation between both companies and Federal Trade Comission (FTC), regulating organism of the American aerial sector.
Iberia as well as British Airways denied yesterday the news of their fusion.
Expert sources explained that the announcement of the fusion could not have an immediate character, due to the new Spanish political situation.
The Spanish Government still maintains the so-called 'one golden share (gold action)' meaning the 'veto' on the old public airline until April of 2006. (In spite of the modification made at the end of last year, by a Law of Support to adapt the Spanish norm to the communitarian legislation.
Soon after the announcement, 3% of the capital of Iberia changed hands. From the first hour in the morning, the value of the two companies jumped. Iberia closed with a revaluation of 7.50% (2.58 euros), whereas British rounded up a 4.09%.
* (landing and takeoff rights granted according to the nationality of the company)
IB - BA merger will give rise to 1 of 3 WW-giants
Moderator: Latest news team
