Global airlines continue to merge in the face of soaring fuel costs. Spanish discount carriers Clickair SA and Vueling Airlines SA late Monday said they would combine in a deal that will leave Clickair's majority owner, Iberia Lineas Aereas de Espana SA, as the largest shareholder. It may also halt the apparent freefall of Vueling's share price and the squeeze on its margins, which has led to two profit warnings. Vueling stock was trading up 19% by early afternoon Tuesday, giving the group a market value of €97.2 million ($152.3 million). That's less than a quarter of its value as of a year ago. Iberia itself just managed to elude a takeover by TPG Capital late last year for over $5 billion.
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