TIMELINE-BA, Iberia near merger deal

Nov 12 (Reuters) - The boards of British Airways and Spain's Iberia were holding separate meetings on Thursday to consider a potential merger to create the world's third largest airline by revenue, the two airlines said. Following are key dates in talks between BA and Iberia: July 18, 1997 - Iberia confirms preliminary deal on a co-operation pact with BA. Oct. 27, 1998 - BA agrees to take a stake in Iberia alongside American Airlines. Spanish company SEPI, which owns Iberia, says the deal is for BA to buy a stake of between 8.2 and 9.1 percent. Dec. 10, 2003 - BA and Iberia win European Commission ok to operate a proposed alliance in the European Union. June 24, 2004 - Iberia announces plans to start joint accounts with BA on routes between Spain and Britain. Sept. 8, 2004 - BA raises about 425 million pounds ($704.4 million) by selling its stake in Australia's Qantas Airways , sparking speculation that it may increase its 9 percent stake in Iberia. Nov. 15, 2006 - BA says buys American Airlines' stake in Iberia for 19 million euros ($28.49 million), raising its stake in the Spanish carrier to about 10 percent. March 30, 2007 - BA appoints UBS to advise it on its 10 percent holding in Iberia, after news private equity firm Texas Pacific Group (TPG) had made a 3.4 billion euro bid approach for Iberia. April 23, 2007 - BA rules out making an independent bid for Iberia, instead siding with a consortium led by TPG. July 17, 2007 - BA Chief Executive Willie Walsh shrugs off rivalry from Air France-KLM for Iberia, saying he is confident BA's bid with private equity firm TPG is fair value. Nov. 26, 2007 - The consortium led by TPG and BA says it has withdrawn its bid. Shares in Iberia fall more than 5 percent the next day. Feb. 1, 2008 - Walsh says BA is in talks to strengthen ties with Iberia. July 3, 2008 - BA confirms reports it is in talks with Iberia and American Airlines about a three-way transatlantic tie-up. Aug. 14, 2008 - BA, American Airlines and Iberia announce they have agreed to a transatlantic tie-up intending to cooperate commercially on flights between the United States, Mexico and Canada and the EU, Norway and Switzerland. Oct. 8, 2008 - Unions representing pilots for BA and Iberia announce they favour a proposed merger. Dec. 18, 2008 - Shares in Iberia rise almost 5 percent on improved merger hopes with BA after talks about a tie up between the UK airline and Australia's Qantas are called off. Feb. 25, 2009 - BA would accept a 55 percent stake in the enlarged company, the El Economista newspaper reports. BA hoped it could net a 65 percent stake of the combined company. July 9, 2009 - Fernando Conte, outgoing chairman of Iberia, steps down and is replaced by proven dealmaker Antonio Vazquez, an appointment seen as boosting the chances for a merger. July 13, 2009 - BA is ready to accept close to a 50-50 ownership deal for a merger with Iberia , El Economista says. Nov. 12, 2009 - Iberia has decided to accept a merger deal with BA that will give it 45 percent of the new company and BA 55 percent, website Finanzas.com says. -- Iberia confirms its board is discussing a merger. ((For main story please click on [ID:nLC092017)) ((For graphic please click on http://graphics.thomsonreuters.com/119/EZ_BAYIBR1109.gif )) ($1=.6033 Pound) ($1=.6668 Euro) (Writing by David Cutler and Jijo Jacob, Editorial Reference Units in London & Bangalore; editing by Simon Jessop) Keywords: BA IBERIA/EVENTS ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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