Mmmm......does make me wonder why the merger was so attractive then?
Because it has great potential, once IB restructures, modernises and gets rid of the current employment culture and their unprofitable routes it can really add value to the merger.
Spain is a great market for a well run airline, couple that with the SA destinations that BA was weak in and you got a sum that can be more profitable than the parts alone. Plus the risk of someone else getting hold of it and competing with BA were just too great not to merge.