From El Pais: Garanair has no economic rights over Iberia, and is itself nearly worthless (its 7,000 shares are worth one euro). Some European M&A lawyer just

From El Pais: Garanair has no economic rights over Iberia, and is itself nearly worthless (its 7,000 shares are worth one euro). Some European M&A lawyer just had a heart attack. I bet this structure looked great to when no one was paying attention... Let's see how well it holds up under the gaze of ten thousand lawyers trying to re-unite $15B in market cap with a "worthless" parent company. British Airways may find it's been a wholy owned subsidary of El Corte Ingles this whole time.