26th Nov 2007 14:22
British Airways PLC26 November 2007 BA IBERIA ANNOUNCEMENT British Airways has confirmed today (November 26th) that it will not exerciseits pre-emption rights to acquire any of the Iberia shares being sold by BBVAand Logista. British Airways chief financial officer, Keith Williams said: "British Airways'position as Iberia's key industrial partner remains important and is notdependent on an increase in shareholding. We will enter into discussions withCaja Madrid in order to maximise the value of our relationship with Iberia." The announcement comes after two of the core shareholders - BBVA and Logista -said they wanted to sell their shares to Caja Madrid. Under a pre-emptionagreement signed in 1999, if any of the core shareholders in Iberia wants tosell their shares, the remaining core shareholders have the right to buy. ends November 26, 2007 118/KG/07 Notes to editors There are five core shareholders in Iberia. BA has 9.95 per cent, Caja Madrid9.9 per cent, BBVA 7.3 per cent, Logista 6.7 per cent and El Corte Ingles 2.9per cent. Certain information included in these statements is forward-looking and involvesrisks and uncertainties that could cause actual results to differ materiallyfrom those expressed or implied by the forward looking statements. Forward-looking statements include, without limitation, projections relating toresults of operations and financial conditions and the Company's plans andobjectives for future operations, including, without limitation, discussions ofthe Company's Business Plan programs, expected future revenues, financing plansand expected expenditures and divestments. All forward-looking statements inthis report are based upon information known to the Company on the date of thisreport. The Company undertakes no obligation to publicly update or revise anyforward-looking statement, whether as a result of new information, future eventsor otherwise. It is not reasonably possible to itemize all of the many factors and specificevents that could cause the Company's forward looking statements to be incorrector that could otherwise have a material adverse effect on the future operationsor results of an airline operating in the global economy. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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