UPDATE 2-BA merger hopes rise as Iberia names new boss

Thu Jul 9, 2009 3:05pm BST
 
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* Deal maker Antonio Vazquez to replace Fernando Conte

* Iberia says change does not affect plan to merge with BA

* Denies departure related to shareholder pressure

* Shares rise 3.5 pct on news

By Ben Harding

MADRID, July 9 (Reuters) - The chairman of Spanish airline Iberia (IBLA.MC) stepped down on Thursday and was replaced by proven dealmaker Antonio Vazquez, an appointment seen as boosting chances of a merger with British Airways (BAY.L).

Analysts said the arrival of Vazquez, who oversaw the sale of Altadis to Britain's Imperial Tobacco (IMT.L) in 2007, would act as a catalyst in merger talks with BA, which are bogged down a year after they were first announced.

A spokesman for Iberia, Europe's fifth-largest airline by value, said departing boss Fernando Conte told the board at the beginning of the year that he wanted to step down before his 60th birthday in March 2010.  Continued...

 

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