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British Airways to withhold Iberia payment until golden share issues are resolved.


British Airways (BA) has delayed the payment for its 9% stake in Spain`s Iberia airline and will apparently withhold payment until the government has resolved issues relating to its golden share.

Spanish daily newspaper Cinco Dias reported that BA`s reticence was preventing the formation of a new board as well as the payment to state holding company SEPI of about USD500m by BA and other investors, which represents the second payment for the stake.

BA has the option of returning its share at no cost if it decides it is unhappy with some aspect of the airline`s management, including what the Spanish government chooses to do with its golden share, particularly as BA is keen to limit government control over Iberia according to Reuters.

There has been no comment on the report by either BA or SEPI.

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Comment:British Airways to withhold Iberia payment until golden share issues are resolved.
Publication:Airline Industry Information
Article Type:Brief Article
Geographic Code:4EUSP
Date:Feb 8, 2000
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