British Airways and the Spanish national carrier Iberia signed a merger agreement on Thursday that will result in the creation of a leading European airline company.
A joint statement indicates that the new group will offer 200 destinations, transport 58 million passengers annually, and save approximately 400 million euros (533 million dollars) over a five-year period following the merger. The integration, which still requires approval from the European Commission and shareholders of both companies, is expected to be completed by the end of this year.
"The new company will offer customers a larger network of destinations," said BA CEO Willie Walsh."It will also have greater growth potential due to the optimization of the London and Madrid hubs and will enable the combination of investments in new products and services," he added. Iberia’s CEO Antonio Vasquez called the agreement "an important step in creating one of the leading airlines in the world." (H)
