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TPG, BA walk away from €3.4bn Iberia bid26/11/2007. Source: AltAssets. 
 A consortium led by US private equity firm TPG and UK airline British Airways has walked away from its €3.4bn bid for Spanish airline Iberia.
BA has issued a statement saying that it has decided not to exercise its pre-emption rights to buy the Iberia shares being sold by BBVA and Logista. The two Spanish companies want to sell their shares in Iberia to financial services firm Caja Madrid.
Acquiring BBVA's seven per cent and Logista's 6.4 per cent would mean that Caja Madrid would own a 23 per cent stake in the airline, according to Reuters, sufficient to block any potential takeover bid from the TPG and BA consortium.
British Airways CFO Keith Williams said, 'British Airways' position as Iberia's key industrial partner remains important and is not dependent on an increase in shareholding. We will enter into discussions with Caja Madrid in order to maximise the value of our relationship with Iberia.'
TPG and BA had made an indicative offer of $3.60 per share. Earlier this month, Spanish private equity firm Gala Capital approached Iberia seeking access to its books, indicating it might pay in the range of €3.60 to €3.90 per share for the airline.
Copyright © 2007 AltAssets
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