Press: Iberia to ask BA for bid details

21st May 2007

Iberia’s board will seek clarification at this Thursday’s board meeting from core shareholder British Airways PLC on its stance towards the Spanish flag carrier, Saturday’s El Economista reported, citing unnamed sources close to the deal. Over the weekend, Spanish press reported a confirmation from BA that it is in talks with Texas Pacific and Apax partners over a possible bid for Iberia.

This follows the UK carrier’s CEO Willie Walsh’s non-committal comments Friday, when he reiterated that BA would not make a stand-alone bid for Iberia but said it was in discussions with potential private equity partners regarding a possible future bid.

‘What we have ruled out is making an independent bid for Iberia and we’ve also ruled out any additional equity as part of a consortium if we agree to one’ Walsh told reporters in a conference call.

‘We continue to have discussions with potential partners and we have not ruled out the sale of our stake in Iberia.’

Today’s Independent said BA and its private equity partners could launch an offer for Iberia as early as this week.



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