13 November, 2009
TIMELINE-BA, Iberia agree merger deal, Iberia posts loss
Nov 13 (Reuters) - Spanish airline Iberia (IBLA.MC) posted a bigger than expected nine-month operating loss on Friday, just hours after agreeing a merger deal with British Airways (BAY.L).
The boards of BA and Iberia announced late Thursday their agreement to create the world's third-largest airline by revenue as they continue to battle the biggest industry downturn in decades.
Following are key dates in talks between BA and Iberia:
July 18, 1997 - Iberia confirms preliminary deal on a co-operation pact with BA.
Oct. 27, 1998 - BA agrees to take a stake in Iberia alongside American Airlines (AMR.N). Spanish state holding company SEPI, which then owned Iberia, said the deal was for BA to buy a stake of between 8.2 and 9.1 percent.
Dec. 10, 2003 - BA and Iberia win European Commission approval to operate proposed alliance in the European Union.
June 24, 2004 - Iberia announces plans to start joint accounts with BA on routes between Spain and Britain.
Sept. 8, 2004 - BA raises about 425 million pounds ($704.4 million) by selling its stake in Australia's Qantas Airways (QAN.AX), sparking speculation that it may increase its 9 percent stake in Iberia.
Nov. 15, 2006 - BA says buys American Airlines' stake in Iberia for 19 million euros ($28.5 million), raising its stake in the Spanish carrier to about 10 percent.
March 30, 2007 - BA appoints UBS to advise it on its 10 percent holding in Iberia, after news that private equity firm Texas Pacific Group (TPG) had made a 3.4 billion-euro bid approach for Iberia.
April 23, 2007 - BA rules out making an independent bid for Iberia, instead siding with a consortium led by TPG.
July 17, 2007 - BA's chief executive, Willie Walsh, shrugs off threat of rival bid from Air France-KLM (AIRF.PA) for Iberia, saying he is confident BA's bid with TPG is fair value.
Nov. 26, 2007 - The consortium led by TPG and BA says it has withdrawn its bid. Shares in Iberia fall more than 5 percent the next day.
Feb. 1, 2008 - Walsh says BA is in talks to strengthen ties with Iberia.
July 3, 2008 - BA confirms reports it is in talks with Iberia and American Airlines about a three-way transatlantic tie-up.
Aug. 14, 2008 - BA, American Airlines and Iberia announce they have agreed to a transatlantic tie-up intending to cooperate commercially on flights between the United States, Mexico and Canada and the EU, Norway and Switzerland.
Oct. 8, 2008 - Unions representing pilots for BA and Iberia announce they favour a proposed merger.
Dec. 18, 2008 - Shares in Iberia rise almost 5 percent on improved merger hopes with BA after talks about a tie up between the UK airline and Australia's Qantas are called off.
Feb. 25, 2009 - BA would accept a 55 percent stake in the enlarged company, the El Economista newspaper reports. BA hoped it could net a 65 percent stake of the combined company.
July 9, 2009 - Fernando Conte, outgoing chairman of Iberia, steps down and is replaced by proven dealmaker Antonio Vazquez, an appointment seen as boosting the chances for a merger.
July 13, 2009 - BA is ready to accept close to a 50-50 ownership deal for a merger with Iberia , El Economista says.
Nov. 6, 2009 - BA reports a pretax loss for the six months to end-September of 292 million pounds ($482.4 million). Nov. 12, 2009 - BA and Iberia announce a preliminary agreement which will create a group with a combined market value of $7 billion. The deal should be closed by end 2010. BA shareholders will have 55 percent of the combined firm, with 419 aircraft flying to 205 destinations, while Iberia shareholders are to get 45 percent.
Nov. 13, 2009 - Iberia reports a net loss of 181.9 million euros from a 51.1 million euro profit a year ago as the economic crisis continues to dent passenger numbers.
Source: http://www.reuters.com
TIMELINE-BA, Iberia agree merger deal, Iberia posts loss Added: (13.11.2009)
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