BA to secure funding for Iberia bid

British Airways and TPG, the U.S. private equity group, are near to securing funding for their joint 3.4 billion euro bid for Iberia.This comes despite continuing turmoil in the debt markets, The Times of London reports Thursday without citing sources.

The newspaper said it is understood the consortium is in the final stages of agreeing an underwritten loan from Citigroup, Royal Bank of Scotland and Natixis.

The move means a fully-financed bid for the Spanish carrier could come as soon as next week, with a plan to close the deal before Christmas, the newspaper says.