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Iberia Airline has issued its official press release, on January 24, 2011 regarding the Merger of Iberia and British airways. The merger that has given birth to a Giant of the air called IAG (International Airlines Group) that started trading its official Shares on Monday, January 24 2011.
The IAG (International Airline Group) is registered as a Spanish company with tax domicile in Madrid, where its board of directors and general shareholders meetings will be held. Its financial and operational headquarters will be located in London
Antonio Vázquez, chairman of IAG and Iberia, and Willie Walsh, CEO of IAG, both attended the opening of trading on the London Stock Exchange this morning. Antonio Vázquez said on this occasion: “Today a major new player in international aviation has been born and British Airways and Iberia have achieved their ambition of playing a full role in industry consolidation. IAG is the third largest scheduled airline group in Europe and the sixth largest in the world, based on revenue. Together, Iberia and British Airways fly to over 200 destinations on more than 400 aircraft. They have joint revenues of more than €14 billion euros and last year carried 55 million passengers”.
The IAG board, which has already been constituted, is made up of 14 members, seven from each airline. Three people from each company will serve on the six-member group management team. Willie Walsh CEO of IAG (CEO British Airways) said: “IAG has a great future ahead of it. The first two airlines in the group, British Airways and Iberia, will retain their strong brands and have complementary networks that operate from two of the biggest hubs in Europe. The merger will lead to annual synergies of €400 million from year five and benefit IAG shareholders and British Airways’ and Iberia’s customers and staff. British Airways and Iberia are the first two airlines in IAG but they won’t be the last. Our goal is for more airlines – but, importantly, the right airlines – to join the group. Today is the first step towards creating a multinational multi-brand airline group.”
According to the Iberia press release not only that the Iberia-British Airways merger gives rise to…Read more
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