British Airways Buys American’s Iberia Stake

British Airways said last week it had purchased American Airlines’ stake in Spanish carrier Iberia for €19 million ($24.29 million).

BA, Europe’s third-largest airline, said in a statement it now owned about 10 percent of Iberia, up from 9 percent previously.

“The transaction is intended to preserve British Airways’ two seats on the Iberia board,” BA said in a statement.

BA has played down the prospects of merging with Iberia or extending its joint venture with the Spanish carrier. The two airlines signed a code-sharing agreement in July 2002, triggering speculation BA could make a move for its smaller Spanish rival.