British Airways’ planned merger with Iberia to form Europe’s third-largest airline block is being largely well received, but there is concern the carriers’ short-term problems outweigh the long-term benefits. The promise of €400 million ($596 million) in annual savings is paltry when compared with the high losses both airlines have been suffering of late. The savings are also far less than Air France and KLM promised to generate by combining their operations, and they still leave ...

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