PLANS TO STRENGTHEN ITS RELATIONSHIP WITH IBERIA
February12, 1999, MADRID -- American Airlines today confirmed that it will strengthen its relationship with Iberia Lineas Aeras de Espana SA by taking a one percent stake in the company as part of the airline’s privatization program. British Airways also confirmed today that it will take a 9 percent holding in Iberia. In addition, Iberia announced that it has accepted an invitation to join oneworld TM, which will make the world’s premiere airline alliance even stronger. This will be ratified at a meeting of the oneworld chief executives in Sydney on Monday. This builds upon an agreement reached between American and Iberia last year, which already includes code sharing between Spain and the United States and reciprocal frequent flyer programs.
The agreement between American, British Airways, Iberia and SEPI, the state holding company that currently owns Iberia, was signed today in Madrid by representatives of all of the parties. Iberia’s core airline activities include its interests in regional/domestic airlines Aviaco,Binter Canarias and Binter Mediterraneo, and its holding in Amadeus. American’s investment is subject to satisfactory regulatory approvals and agreements between the new shareholders in Iberia. SEPI plans to offer 30 percent of the shares in Iberia for sale to leading Spanish institutions, with a public offering of the remaining 60 percent later this year.
|ŠAvStop Online Magazine Contact Us Return To News|