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Iberia subject of takeover bid
Private equity group Texas Pacific Group is considering a €4 billion bid for Iberia.
Reports in the business press say the move could force British Airways, which owns a 10% stake in the Spanish airline, to launch a rival offer.
But BA has issued a statement saying: “In the light of Iberia’s announcement that it has received a bid approach, BA has decided to appoint UBS to advise on how to use its 10 per cent holding in Iberia in the best interests of BA shareholders.
“The advice will examine all options, including a disposal of BA’s holding.”
Lufthansa, which is already competing with Texas Pacific to buy Alitalia, is also said to be considering a bid for Iberia.
Texas Pacific is also involved in an attempted buyout of Qantas and has also invested in Continental Airlines, America West and Ryanair.
David Bonderman, the founder of Texas Pacific, is chairman of Ryanair.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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