BA / Iberia sign Spanish merger document
30.06.10
BA and Iberia moved a step closer to their £4.2 billion combination by signing the merger-plan document required to implement the deal under Spanish law yesterday. The document details how a new Spanish company, BA Holdco SA, will be created above BA and how Iberia will transfer its assets to an operating subsidiary before both are merged into the International Consolidated Airlines Group SA (IAG) holding company.
The merger, which is being implemented under Spanish law, is still dependent on shareholder approval at meetings to be held in November, with completion expected about a month later, a spoeksman for BA said. Investors will receive shares of IAG, which will become the owner of both airlines. The deal also needs regulatory approval, which is expected.
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