Iberia teams up for low-cost carrier

Iberia told Agence France Press that it had teamed up with four other Spanish companies and planned to launch a low-cost carrier in October this year.
The five partners, which are to own 20 percent each of the new company, are Iberia, regional airline operator Nefinsa, leisure group Iberostar, industrial group Cobra and investment fund Quercus.

The new group has not yet been named, Iberia said, but a joint statement from the companies said the group would be headquartered in Barcelona in the northeast of Spain.