MADRID: The privatization of Spanish airline Iberia formally got under way this month with the transfer of 40% of the company's capital to seven corporate investors from Spain's state holding company SEPI. SEPI's remaining 54% stake in Iberia is due to be floated at a later stage. The deal involves two industrial investors, British Airways and American Airlines, which hold 9% and 1% respectively. The remaining shareholders are savings bank Caja Madrid with 10%, BBV banking group (7.3%), distribution company Logista (6.7%), department store El Corte Ingles (3%), and various savings institutions (3%). SEPI President Pedro Ferreras D'ez said: "Iberia today is a completely different company to the Iberia of 1996," when the process of privatization began. The deal will create jobs, wealth for the country, and shareholder value, Ferreras said.