A figure considered conservative by analysts

After a slight setback for a few days, linked seems to technical problems for the double rating of the new air in London and Madrid group, the British company British Airways (BA) and the Spanish Iberia finally announced yesterday, the signing of a final reconciliation agreement, subject to the approval of the competition of Brussels and the shareholders of the two groups. If all give their green light, the operation, announced in November 2009 after discussions initiated in July of the previous year, give birth third European Group, behind the German Lufthansa and franco-néerlandais Air France-KLM. The new set will be in a good position to get closer to American Airlines, the partner of the two companies in the transatlantic alliance Oneworld.

However, the Spanish group can still unmerge if he is not satisfied with the way in which the British plans to reduce the deficit-3.7 billion pounds - of the plan of pensions to its employees. An agreement was reached mid March between BA and unions, which must be approved by the trustees of the Fund here to June 30.

A fleet of 408 aircraft

The name of the new group, International Airlines Group (IAG), encourages analysts to think that it will be active in the consolidation of the airline, and both to Asia to the United States, with which Europe has recently formalizing an agreement "Open skies" of liberalisation of the sector. The future entity will have a fleet of 408 aircraft, carrying more than 60 million passengers per year to 200 destinations. In a sector sensitive to competition from companies at low prices but also to the increase in fuel prices and the economic slowdown, the purpose of the operation is to achieve cost savings. BA and Iberia, which have accumulated losses last year, EUR 750 million can together better to negotiate the price of fuel, and des qui ont 750 d' de an qui ont qui ont 750 d' de an 750 750 d' de d' d' de de de an They hope also some synergies of revenues, the two groups well identified forces, to North America for the British, and South America for the Spanish. The new group, which will weigh 6 billion euros on the stock market, anticipating 400 million of annual synergies in five years. A figure considered conservative by analysts.

However, the issue of downsizing will be difficult. BA is always in conflict with its cabin crew. Their strike for seven days in March was a decline in traffic by 15 on the month, the equivalent of the impact of September 11, and a cost of 45 million. Discussions to resolve the conflict have made progress. However, "it is vital that BA and RTIs are clearly committed to be employees of the two groups to the negotiating table," warned the British Union Unite.

55 Owned by the shareholders of BA and 45 by Iberia, IAG will be led by Willie Walsh, BA pattern, and chaired by Antonio Vazquez, the current pattern of Iberia. The two brands will be retained.