Clickair is only 20% owned by Iberia but Iberia has 80% of the voting rights so has more of a say than the stake it owns (a good deal when they struck that one!!) That said i did hear Iberia were going to end up with 40% of the merged company (not sure how that works out from the original 20% of one half!) - which it now has to apply for an exemption on the EU rules which state if a company owns more than (29.9%??) it must bid for the remaining shares - this isnt what Iberia wants to do at this stage.
One other thing though, i would have thought when these two merged that the Clickair name would survive rather than Vueling but thats just my personal opinion!