The British Airways and Texas Pacific Group consortium’s formal bid for Iberia could be delayed past September due to increased complexity for the financing, the Financial Times reported Saturday, citing an unnamed source familiar with the matter. The source said that initial financing talks are going well, but noted that increased caution by lending banks has added an extra layer of approval for bidders, meaning that the bid process will take longer than initially expected.

Due diligence, which is now coming to an end, went well, the source said, adding that that the most likely scenario is a bid.
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