27 SEPTEMBER 2010
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BRITISH AIRWAYS funding plan dealing with its multi-billion pound pension deficit has been approved by the Iberia Board. It had reserved the right to walk away from the deal to create the world's third-largest airline if it did not like the recovery arrangement BA struck with the trustees of its pension scheme in June. The merger plan now needs BA shareholder approval and with EU clearance out of the way this should happen in November. Once finalised, BA shareholders will hold 56% of the combined company, to be called International Airlines Group. Iberia shareholders will hold 44%. Looking towards the future BA’s Willie Walsh, due to become CEO of the new group, has recently said he is looking towards acquiring up to 12 airlines around the world. However Qantas boss Alan Joyce has thrown cold water on resurrecting any plans for the two airlines to get together. www.ba.com www.iberia.com
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