US firm considers takeover of Spain's Iberia
Mar 30, 2007 - 4:23:22 PM
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Rumours of a possible takeover of Iberia, with Lufthansa and British Airways among the potential buyers, have contributed to the carrier's shares soaring 45 percent this year.
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By DPA,
[RxPG] Madrid, March 30 - The US buyout firm Texas Pacific Group has requested information about Spain's top airline Iberia in view of a possible 3.4-billion-euro - takeover bid, Iberia told the market regulator CNMV Friday.
Texas Pacific was considering paying 3.60 euros in cash per Iberia share, down from Iberia's closing price of 4 euros on Thursday.
The US group said it would analyse the information about Iberia within 30 working days and launch an eventual bid within 10 additional days.
Iberia said its board of directors would meet over the next few days to analyse Texas Pacific's request for information.
Spain's formerly state-owned airline said earlier that the new 'open skies' agreement between the EU and the US, which will bring flight prices down, would open the door to the consolidation of the sector.
Rumours of a possible takeover of Iberia, with Lufthansa and British Airways among the potential buyers, have contributed to the carrier's shares soaring 45 percent this year.
Texas Pacific, which has $30 billion under management, has invested in the US carrier Continental Airlines and is interested in acquiring Alitalia and the Australian carrier Qantas.
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