LONDON/MADRID (Reuters) - TPG and British Airways will decide over the weekend whether to proceed with their 3.4 billion euro ($5.07 billion) bid for Iberia, according to a source familiar with the talks.
By Elena Moya and Robert Hetz
LONDON/MADRID (Reuters) - TPG and British Airways will decide over the weekend whether to proceed with their 3.4 billion euro ($5.07 billion) bid for Iberia, according to a source familiar with the talks.
BA, which holds a 10 percent stake in the airline, has until Tuesday to decide whether it wants to exercise an option to buy the shares of Iberia that have been put on sale by Spanish bank BBVA and cigarette maker Altadis, the source said.
Earlier this week Caja Madrid, a savings bank with a 10 percent stake in Iberia, offered 3.6 euros per share for BBVA's 7 percent and Altadis's 6.3 percent in the airline.
!ADVERTISEMENT!Other shareholders, including BA, had seven days from Caja Madrid's offer on Monday to decide whether they also wanted to exercise their right to buy the shares on sale.
BA hasn't decided to increase its stake yet as withdrawal is "an option" for the TPG, BA-led consortium, which also includes Spanish investment firms, two sources familiar with the negotiations told Reuters on Friday.
A Caja Madrid spokeswoman told Reuters on Friday: "We haven't said we won't sell, but we plan to remain as shareholders."
BA and TPG declined to comment.
(Reporting by Elena Moya, additional reporting by Dan Lalor in London, editing by Will Waterman)
