The board of Spanish airline Iberia has confirmed it has received information on a takeover bid from a consortium led by a private equity group TPG and will study it. The US buyout firm is working with British Airways which owns 10% of Iberia and three Spanish private equity companies.
But core group of Spanish shareholders is reportedly unhappy with the price being offered and the composition of the consortium. Those shareholders include two banks – Caja Madrid with 9.6% and BBVA with 7.3% – as well as Logista, a subsidiary of tobacco company Altadis with 6.4%.
According to one report, they would refuse to sell at TPG’s price of 3.60 euros a share and they want Iberia to look at alternative bidders. The airline’s shares are currently trading for more than that and have been as high as 4.16 euros each last month.
Among other potential suitors, Lufthansa called Iberia too expensive and Air France-KLM confirmed it is not holding any talks with Iberia at the moment.