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British Airways boss says Iberia purchase may have been better delayed
TransportBritish Airways’ merger with Iberia, the troubled Spanish airline, should perhaps have been delayed, the boss of International Airlines Group has admitted. The airlines were combined to form IAG in 2011. But Iberia has since pushed the parent company deep into the red, as the Spanish national carrier has battled against recession, high unemployment and [...]
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Iberia continues to drag down British Airways as IAG’s losses add up in Q1
TransportInternational Airlines Group reported wider first-quarter operating losses on Friday, as deepening trouble at its Spanish carrier Iberia wiped out progress at British Airways. IAG, Europe’s third-biggest airline group by market value, made an operating loss of 278 million euros ($364 million) in the year’s first three months, traditionally weak for airlines. The Spanish carrier [...]
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Qatar looking to buy stake in British Airways parent
TransportQatar has approached International Airlines Group, the owner of British Airways and Iberia, with an informal offer to become the company’s largest shareholder by buying the 12 percent stake held by Spain’s nationalized lender Bankia, the Financial Times reported. Qatar had approached IAG to ask whether the company would welcome it as a shareholder, the [...]
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British Airways parent gains full control of Spain’s Vueling for $160 million
TransportBritish Airways parent IAG SA acquired control of discount carrier Vueling Airlines SA for 123.5 million euros ($160 million) as Europe’s third largest airline group seeks to stem losses in Spain. IAG, which already held a 45.85 percent stake in Barcelona- based Vueling, now owns 90.51 percent after the majority of remaining investors accepted its [...]
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British Airways parent will soon own Spain’s Vueling, after board approves sale
TransportBritish Airways parent IAG won backing for its bid for Vueling Airlines SA from the Spanish discount carrier’s board after raising the offer by 32 percent. Vueling’s directors recommend that investors accept a “reasonable” bid of 9.25 euros a share issued on March 27, the Barcelona-based company said today in a statement. The board had [...]
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Iberia CEO leaves effective immediately as labor scuffle continues
TransportBritish Airways parent IAG said the head of unprofitable Spanish unit Iberia will step down with immediate effect, mid-way through a cost-cutting program that’s provoked union ire as it seeks to eliminate 3,140 jobs. Rafael Sanchez-Lozano will leave by “mutual agreement,” London-based IAG said today. He’ll be replaced by Luis Gallego, who heads the Iberia [...]
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IAG boss Walsh freezes salary at $1.25 million while seeking Iberia turnaround
TransportInternational Consolidated Airlines Group SA Chief Executive Officer Willie Walsh will take a further pay freeze this year as he seeks costs cuts at theSpanish Iberia unitthat led to a loss in 2012. Walsh’s salary remains at 825,000 pounds ($1.25 million), IAG said today in its annual report. The CEO is also eligible for an [...]
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Iberia’s second round of strikes begin as Spain’s tourism industry in turmoil
TransportWorkers at Spain’s Iberia were set to ground nearly 1,300 flights in a second round of five-day strikes launched on Monday to protest against deep job and wage cuts at the loss-making airline. Iberia is part of the International Airlines Group, which last week pledged to press ahead with plans to slash 3,800, or 19 [...]
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Iberia’s weakness wipes out profits for British Airways’ parent company
TransportThe chief executive of International Airlines Group, Willie Walsh, admitted that the Spanish economy had deteriorated faster and deeper than British Airways had expected when it merged with Iberia, as the airlines group crashed to a €1bn (£865m) pre-tax annual loss. “We didn’t expect the uncertainty around the eurozone to be as bad as this,” [...]
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Iberia confirms labor strike dates throughout February and March
TransportGround staff and cabin crew at the Spanish airline Iberia are planning strikes on 15 days during three separate periods of February and March. Unions representing airline employees announced that industrial action will take place from February 18 to 22, March 4 to 8 and March 18 to 22. They are protesting against plans to [...]
