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Today, in 1999, employees of Spanish carrier Aviación y Comercio, better known as Aviaco, transferred to Iberia (IB). The move brought the airlines' workforces together, but it did not complete the companies' legal merger.
Aviaco had operated for more than half a century. A contemporaneous account of the integration says the carrier was founded in 1948 and began charter flying in 1951. Spain's National Institute of Industry acquired a majority holding in late 1954, and Iberia took a 66.6% stake five years later.
The 1999 Integration
By September 1999, Aviaco flights had already operated under Iberia's code for nearly two years. The same report said Aviaco employed 1,500 people, including 330 pilots.
Iberia's 1999 annual report records the sequence more precisely. Aviaco's general shareholders meeting and Iberia's board approved the personnel integration on August 31, with effect from September 1. Iberia acquired Aviaco's full aircraft fleet that December, while the legal merger was still planned for the following year.
The Legal Merger
The absorption merger was registered on October 17, 2000, according to a later Iberia filing with the CNMV. The transaction dissolved Aviaco without liquidation and transferred its assets and liabilities to Iberia. It had retroactive effect from February 1, 2000.
The featured image shows Aviaco McDonnell Douglas DC-9-32 EC-BIO approaching Rome Fiumicino Airport (FCO) in May 1996.
Featured image: Aviaco McDonnell Douglas DC-9-32 EC-BIO approaches Rome Fiumicino in May 1996. Photo: Aldo Bidini/GFDL 1.2
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