BA confirms plans to open up t

BA confirms plans to open up to majority foreign ownership, keep UK control

British Airways PLC said it will ask shareholders at its annual meeting on Tuesday to approve the creation of a “special” share that could allow the airline to be majority-owned by foreign investors for the first time, confirming a Sunday Times report.

Foreign investors hold 46% of BA, which cannot increase without breaking the ownership rules.

The special share would allow the proportion of non-UK European investors in BA to climb above 50%, while UK shareholders retained control.

It would be used by the directors if the percentage of UK voting shareholders fell below 51 to accord what voting rights were necessary to take the UK vote to 51%.

Meanwhile, The Observer reports that British American Tobacco PLC chief Martin Broughton is being lined up to replace Lord Marshall as BA chairman.
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