BA and Iberia agree plan on merger
Updated on 12 November 2009
British Airways and Iberia expect to merge by the end of next year after reaching agreement on the plan.
Months of speculation ended when a joint statement on Thursday night said the boards of the two airlines had agreed a binding memorandum of understanding setting out the basis for a proposed merger.
The statement said amalgamation would produce annual savings of around 400 million euros (£358.3 million) which a BA spokeswoman said were expected to come from joint IT and procurement rather than job losses additional to those already announced.
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