Shareholders of both airlines have approved the merger, to go ahead in January.
The shareholders of Iberia and British Airways have today voted to approve a merger between the two companies. Special GSMs were held this morning in Madrid and London to approve the deal, which will create one of the world’s most powerful airline groups. In this way, the shareholders of the two airlines have met the final condition for carrying out the merger, which will be officially consummated when shares of the new International Airline Group (IAG) holding company are listed for trading on stock exchanges in late January.
The airlines’ iconic brands and colours will continue to be used. The airlines expect annual synergies worth around €400 million starting the fifth year following the merger. IAG 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.
“We are very happy that the shareholders gave their approval to the merger of Iberia and British Airways,” commented Iberia Chairman Antonio Vázquez. “Without a doubt, it is a historical agreement that will create a global group to lead a future consolidation process in the airline business. It is certainly to their advantage, since it will bring great value to the business of both airlines and will lead to major synergies.”
Both Vázquez and British Airways CEO Willie Walsh will give a joint press conference in Madrid’s Hotel Intercontinental tomorrow, Tuesday, at 10am. Some of the questions will undoubtedly focus on what the merger will mean for the airlines’ employees.