Iberia shareholder Caja Madrid Chairman Miguel Blesa told reporters that a merger agreement with British Airways is "close," Reuters reported from Madrid. The bank is IB's largest shareholder at 23%. "The perception now I think is that the share exchange will not be 60-40," he said. "Iberia is now worth more. It will be closer to 55-45." IB's increased valuation has been a source of concern at BA (ATWOnline, Feb. 2).

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