Breaking Travel News

Iberia News

Iberia chairman ousted to pave way for BA merger

Iberia chairman ousted to pave way for BA merger

10 July 2009 Airline News

Merger talks between British Airways and Iberia have been given a boost following the sudden departure of the Spanish flag carrier’s chairman. Fernando Conte has vacated the top job, with the official line that he wanted to step down before his 60th birthday next year. But according to company sources he was ousted because of a lack of progress in merger talks with BA.

Iberia heads into red for first time in 13 years

4 June 2009 Press Release Airline News

Spanish flag-carrier Iberia is heading for its first annual years in 13 years as a fall in business class traffic and a price war in economy erode margins.Chief executive Fernando Conte warned shareholders that passengers travelling business had fallen 20 percent year-on-year due to a sharp fall in business travel on its routes from Madrid to London and Latin America.

BA and Iberia merger talks stumble

30 March 2009 Press Release Airline News

Merger talks between British Airways and Iberia are making little headway despite reassurances from both sides of an imminent tie-up, according to sources within both airlines.The number of problems to be resolved before the merger can proceed is far bigger than the respective heads Willie Walsh and Fernando Conte have revealed. A deal is unlikely to be struck before the summer, reports the Times newspaper.

BA and Iberia on brink of merging

6 March 2009 Press Release Airline News

British Airways has dropped its strongest hint yet that its proposed merger with Iberia is imminent, saying there is only one outstanding issue to be resolved before the deal can proceed.Chief executive Willie Walsh confirmed a number of hurdles had been overcome, including the BA’s pension deficit and the chairman and chief executive roles. Most importantly, the share of ownership has also been agreed - this was earlier seen which as the biggest challenge due to the recent slump in BA’s share price, leading to Iberia pushing for an equal equity split.

Pensions regulators no barrier to Iberia mergers, says Walsh

9 February 2009 Press Release Airline News

Willie Walsh has said that British Airways does not need clearance from its pension regulator for its planned merger with Iberia.“There is no cash involved - it is an all-share merger. We don’t see any issue with our trustees. This will lead to a stronger company,” Walsh told The Times newspaper.

Iberia’s widening losses fail to halt share rise

29 January 2009 Press Release Airline News

Shares in Iberia have risen sharply despite the Spanish carrier revealing that profits have nosedived 90 percent last year to €32m (£29.6m).Ahead of a meeting with BA’s Willie Walsh, chairman and chief executive Fernando Conte also said the airline plans to cut capacity by 1.7 percent this year.

Iberia board to study TPG Capital offer

12 April 2007 Press Release Airline News

The board of Iberia will meet Thursday to study a 3.41 billion euro non-binding offer from U.S. private equity firm TPG Capital LLP, El Pais reports, without citing sources.