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Flag-carrying airlines British Airways and Iberia have confirmed that they are in talks over a possible merger that could eventually provide a number of new flight options for travellers.

The companies said that they are in negotiations that are supported by both boards.

Fernando Conte, chairman and chief executive of Iberia, said that any deal would be good news for customers and would enhance the two airlines' existing relationship.

He added: 'We've worked together for nearly ten years and a tie-up would build on that success.

'It would also strengthen the oneworld alliance and further develop Madrid's position as the European gateway to Latin America.'

British Airways chief executive Willie Walsh said that airline consolidation of this type is 'long overdue' considering the currently changing landscape of the aviation industry.

It is expected to be several months before an agreement is reached on the exact terms of the merger.

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