BA leaves the LSE ahead of Iberia merger

first_img whatsapp Share Tags: NULL whatsapp BRITISH AIRWAYS will complete its merger with Spanish carrier Iberia today, with the enlarged company listing in London and Madrid on Monday morning. The British Airways ticker retired from the London stock market yesterday after 24 years, with the stock price giving BA a final market cap of £3.46bn. Investors will receive one International Consolidated Airlines Group (ICAG) share for each BA or Iberia share they own. The listing of ICAG could be marred by fresh talk of further strike action, with the Unite union due to open a ballot for BA cabin crew staff today. The new group will be Europe’s second largest airline after Lufthansa, with 419 aircraft flying to more than 200 destinations. ICAG is set to have annual revenues of €15bn, though each carrier will retain its separate branding. The merger, which was first mooted in 1998 when BA took a stake in then-state owned Iberia, is expected to save the firms €400m (£337m) a year by its fifth year. The newly formed group plans to aggressively expand through acquisitions and has already drawn up a list of 12 companies it is interested in buying, with Asian carriers seen as the main target. The companies spent five months renegotiating the merger leading up to the agreement in April 2010, after BA revealed its £3.7bn pensions deficit.While BA has drawn up a plan to reduce its massive shortfall, it continues to face protests from disgruntled BA workers about moving some pensions to link them to the cheaper consumer prices index. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼center_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com BA leaves the LSE ahead of Iberia merger Thursday 20 January 2011 8:00 pm last_img