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Shareholders of British Airways and Iberia on Monday each
gave their overwhelming backing to the carriers' $9 billion merger. BA received
a 99.9 percent vote of approval from its investors.
Iberia said the votes at in London and Madrid are the last
remaining obstacle to the two companies combining to list on stock exchanges
under the name International Airlines Group on Jan. 24, 2011.
Iberia added that IAG is expected to produce €400 million in synergies
annually by its fifth year. The operational headquarters for the group will be
near London Heathrow airport, but IAG's tax residence will be in Spain.