US group swoops in EUR 3.4 bn bid for Iberia
30 March 2007, MADRID - Spain's national airline Iberia was the subject of a EUR 3.4 billion takeover bid on Friday by an American private equity firm.
30 March 2007
MADRID - Spain's national airline Iberia was the subject of a EUR 3.4 billion takeover bid on Friday by an American private equity firm.
Iberia confirmed TPG Capital made an approach and the airline said it was studying the offer.
The American company has offered EUR 3.6 per share, less than the current price.
The offer had been expected after Iberia gave its executive chairman permission to look for suitors for a merger.
After the bid was made public, Iberia shares fell 2.5 percent to 3.90 euros in Madrid.
TPG, formerly known as Texas Pacific Group, will have 30 days to look at the information provided by Iberia.
Analysts say that British Airways, which owns 10 percent of Iberia, may be forced into making a defensive bid, if a rival airline entered the fray for the Spanish carrier.
[Copyright EFE with Expatica]
Subject: Spanish news