International Airlines Group (IAG) has announced massive job and capacity cuts for Iberia, saying the Spanish subsidiary is in a “fight for survival,” just one day after formally announcing a takeover effort for Spain’s low-fare operator Vueling. Under the plan, IAG will reduce Iberia’s capacity at least 15% in 2013 and cut 4,500 jobs. More reductions will come if management cannot reach new collective bargaining agreements with staff by Jan. 31. “If we do not reach consensus, we ...

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