British Airways issued a statement on Friday that its scheme of arrangement to establish BA Holdco, SA as the holding company of British Airways has now become effective. Ordinary shares in British Airways have been cancelled and new ordinary shares have been issued to BA Holdco. Dealings in British Airways shares have been suspended.
Meanwhile, the merger of Iberia, BA Holdco and International Consolidated Airlines Group, SA was registered at the Madrid Mercantile Registry and has now become effective.
IAG shares will commence trading on the London Stock Exchange and on the Madrid, Barcelona, Bilbao and Valencia stock exchanges today (24-Jan-2010). It marks the end of a merger process first announced in 2008.
IAG has USD18.5 billion in annual sales and will act as a platform for further consolidation, according to head, Willie Walsh.
BA and Iberia stocks were flat on Friday, while Lufthansa fell 0.4% and Air France-KLM gained 1.4%.
Selected European airlines daily share price movements (% change): 21-Jan-2011
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