FACTBOX - How combined British Airways, Iberia would look

MADRID/LONDON (Reuters) - The boards of British Airways and Spain's Iberia are holding separate board meetings to consider a merger to create the world's third largest airline measured by revenue.

Following are some key facts about the potential new carrier:

-- Aircraft: 408 aircraft (BA 244; Iberia 164*)

-- Destinations: 259 airports (BA 150; Iberia 109)

-- Passengers per year: 61.5 million (33 million, Iberia 28.5 million*)

-- Staff: 63,600 (BA 42,000; Iberia 21,600)

-- Turnover (2009E**): $21.65 billion (BA 8.9 bln pounds; Iberia 4.6 bln euros)

-- Pretax profit (2009E**): BA 401 mln stg pretax loss; Iberia 228.8 mln euro loss)

RATIONALE

-- Greater financial muscle and more routes to compete with European giants Air France-KLM and Lufthansa

-- Cost savings and greater buying power on fuel, aircraft, IT and other products that analysts estimate is worth some 550 million euros a year through to 2015.

-- Very few overlapping routes. Iberia has the biggest share of the Europe-Latin America market, while BA is the leading airline on North Atlantic routes and has strong Europe-Asia connections

-- Ends BA's two-year chase for Iberia. Fulfils Iberia's long-time desire for consolidation

Sources: Reuters; British Airways; Iberia

* Including Iberia's franchise Air Nostrum.

** Figures expected by analysts for year to March 2009, as polled by Reuters.

(Reporting by Ben Harding, Tracy Rucinski and Rhys Jones; Editing by Andrew Callus)