The merger between Iberia Lineas Aereas de Espana SA (IBLA.MC) and British Airways PLC (BAY.LN) will be completed by March, Iberia's top shareholder said Tuesday.

"We are on the right track, February will be decisive for the deal; there is very little left to agree," Caja Madrid Chairman Miguel Blesa said during the bank's earnings presentation. Blesa added the deal would probably be completed before March 19.

Caja Madrid is Iberia's top shareholder, with a 23% stake.

BA and Iberia have been in talks since July 2008 and in November agreed on a memorandum of understanding, whereby BA shareholders will take 55% of a joint company and Iberia shareholders will take the remaining 45%.

Company Web site: http://www.iberia.com

 -By Leire Barrera, Dow Jones Newswires; 34 91 395 8130; leire.barrera@dowjones.com
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