British Airways and Iberia want to lead the airline sector consolidation with their multi-billion-euro merger, the chief executive officer of the new holding company Willie Walsh, said yesterday.

“We don’t want to be on the sidelines, we want to lead the industry’s consolidation,” he told a news conference in Madrid a day after shareholders of both airlines overwhelmingly backed a deal to create Europe’s second biggest airline.

The boards of the British and Spanish airlines agreed to the deal – worth more than €6 billion – in April and EU competition regulators have also given their approval for a full alliance.

The companies sought to merge as the global economic downturn and the rise of low-cost airlines resulted in steep losses for traditional carriers.

The merger allows the two carriers to catch up with rivals such as Air France-KLM and Lufthansa, according to analysts.

BA and Iberia, which will continue to operate independently under their own brands, said recently they have drawn up a list that has remained secret of 12 firms which could be added the newly merged group with the aim of creating the world’s biggest airline.

“Our future is a multinational, multibrands airline group. We look forward to welcoming further brands,” said Mr Walsh, who is also BA’s chief executive.

Iberia chairman Antonio Vazquez, who is also the group chairman of International Airline Group, the new name for the merged company, said other airlines could be added through “alliances, mergers or acquisitions”.

“We are creating an airline sector leader at a time when the process of consolidation is in course and is set to continue,” he added.

The tie-up, on schedule to be completed in January, will create Europe’s second-biggest airline by market capitalisation after Germany’s Lufthansa.

BA is set to benefit from Iberia’s strong presence in Latin America, while the Spanish airline will gain from the British carrier’s strength in North America.

Together the two airlines serve 205 destinations around the world, operating 406 aircraft and carry 58 million passengers.