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22 November 2007
Madrid – The takeover push for flag carrier Iberia took another twist yesterday after Caja Madrid agreed with Logista to purchase its 6.42-percent stake in the leading Spanish airline. Caja Madrid, Spain’s second-biggest lender, will therefore hold 23 percent of the company.
This deal, which involves almost 61.2 million shares, will be worth a total of €220.1 million. The move came just two days after local savings bank Caja Madrid became Iberia’s biggest shareholder with a 17-percent interest after buying the 6.99-percent stake belonging to BBVA. Caja Madrid, made the buy at €3.60 per share, the same price as which Logista is selling.
British Airways, another core shareholder of the Spanish airline with a 10-percent stake, has made a takeover approach for Iberia in conjunction with US private equity firm Texas Pacific and private equity firm TPG, at a tentative price of 3.60 per share.
Last week, a Spanish consortium led by Spanish private equity firm Gala Capital entered the fray with a pitch of between €3.60 and €
3.90 per share. Iberia’s share price closed down 1.72 percent at €3.43 in a sharply lower market.
[Copyright EL PAÍS, SL./ Adrián Soto 2007]
Subject: Spanish news
This deal, which involves almost 61.2 million shares, will be worth a total of €220.1 million. The move came just two days after local savings bank Caja Madrid became Iberia’s biggest shareholder with a 17-percent interest after buying the 6.99-percent stake belonging to BBVA. Caja Madrid, made the buy at €3.60 per share, the same price as which Logista is selling.
British Airways, another core shareholder of the Spanish airline with a 10-percent stake, has made a takeover approach for Iberia in conjunction with US private equity firm Texas Pacific and private equity firm TPG, at a tentative price of 3.60 per share.
Last week, a Spanish consortium led by Spanish private equity firm Gala Capital entered the fray with a pitch of between €3.60 and €
3.90 per share. Iberia’s share price closed down 1.72 percent at €3.43 in a sharply lower market.
[Copyright EL PAÍS, SL./ Adrián Soto 2007]
Subject: Spanish news