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Iberia Receives Takeover Approach From Gala Capital-Led Group

15 November 2007

Iberia said on Thursday it had a new takeover approach from Gala Capital with a value of up to 3.7 billion euros ($5.4 billion), rivalling a long-awaited bid led by private equity group TPG.

In a statement, the Spanish airline said Basque savings bank BBK and the chairman of Air Europa were part of the bidding consortium, which would offer 3.6-3.9 euros a share.

Iberia shares jumped on the news and at 11:16 GMT were up 4 percent at 3.63 euros. They were then suspended from trade.

source: Reuters

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