The new group would have 419 aircraft and fly to 205 destinations.
BA chief executive Willie Walsh said: “The merger will create a strong European airline well able to compete in the 21st century. Both airlines will retain their brands and heritage while achieving significant synergies as a combined force.”
Approximately one third of the savings are expected to be revenue related - joint selling, network and revenue management benefits - with the balance coming from cost synergies in areas such as IT, fleet, maintenance and back office functions.
The combined business will be led by group CEO Walsh and a management team chosen equally from each airline.
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