British Airways and Caja Madrid have met to discuss a tie-up between the UK airline and Spain's Iberia Lineas Aereas de Espana.
Caja Madrid, a Spanish savings bank, is Iberia's largest shareholder.
The talks are focused on expanding the co-operation between the two airlines and could contemplate the possibility of a takeover of Iberia by British Airways.
In recent months, Iberia shareholders have rebuffed a couple of takeover offers for Spain's largest airline.
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