Air France-KLM preparing bid for Iberia

26th September 2007, Comments 0 comments

26 September 2007, MADRID - French airline Air France-KLM is preparing a takeover offer for Spanish carrier Iberia with several Spanish partners who will take a majority stake in the group, a Spanish newspaper reported on Wednesday.

26 September 2007

MADRID - French airline Air France-KLM is preparing a takeover offer for Spanish carrier Iberia with several Spanish partners who will take a majority stake in the group, a Spanish newspaper reported on Wednesday.

The financial daily Expansion, which did not cite its sources, said Air France-KLM would team up with investment company Torreal and publishing and communication group Planeta to launch an offer.

British Airways, in alliance with investment fund Texas Pacific Group, is also preparing an offer for Iberia, which has been looking for a partner since March.

BA and TPG have not made a firm offer, but have suggested a price of EUR 3.60 per share, valuing the group at EUR 3.4 billion.

When asked about the report on Wednesday, a spokesman for Air France-KLM repeated what chief executive Jean-Cyril Spinetta had said in an interview published on Tuesday: "Regarding Iberia, we are studying the dossier."

Iberia declined to comment on the report.
 
 (Copyright AFP with Expatica)

Subject: Spanish news

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