Iberia gives merger partner BA’s pension plans the thumbs up
Wednesday, 23 Sep, 2010
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The British Airways and Iberia merger has jumped another hurdle towards completion after the Spanish carrier announced it was satisfied with the way BA is tackling its pension deficit.
Iberia has always maintained the right to pull out of the deal if it felt the £3.7 billion pension deficit was too great a hole to plug.
But its board of governors have just announced that they will not be exercising the right to walk away, having decided that BA’s plan to put away £330m a year, at the very least, until 2026 was sound.
The merger, which many believe will go ahead now that this last hurdle has been jumped, will create a super airline, second only to Lufthansa in terms of worth.
by Dinah Hatch
Dinah
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