BA and Iberia finally put the pen to a merger agreement

Today British Airways and Spain's Iberia signed an USD$8 billion merger to create the world's third-largest airline by revenue.
The merger, which they hope to complete by December, is designed to help BA and Iberia stem over USD$1 billion of combined annual losses following the worst industry downturn in decades.
The majority of the combined group will be owned by BA shareholders. This consolidation ends the British company's long pursuit of Iberia and positions the companies for further consolidation.
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