Iberia signs the merger agreement with British Airways
Iberia announced it has signed a merger agreement with British Airways, a combination that will create the world's third largest airline.
The Spanish company affixes his signature to a text that defined last April, one week after her British counterpart said it had reached an agreement to cover the deficit of 3.7 billion pounds of its pension scheme .
The transaction, which will see shareholders of British Airways to 55% of all new, must still be endorsed by shareholders, which is expected in November.
Iberia has also an exit clause for three months, always linked to its assessment of the ability of BA to the deficit of its pension system, a point already in the past failed to derail the proposed merger .
"Iberia has three months to leave the project from the time the agreement (signed between British Airways and managers of pension funds) is subject to the regulatory authority of British pensions," said Iberia.
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