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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

BA likely to withdraw Iberia bid

British Airways and private equity group TPG look likely to withdraw their €3.5bn bid for Spanish airline Iberia.

BA said today it would not increase its stake in Iberia by buying the shares held by Spanish lender BBVA and another investor Logista. This clears the way for the Caja Madrid bank to buy the shares and block any BA/TPG offer.

BA shares fell nearly 5% on the news to 330p, but dealers said the company had been oversold and was trading at well below the value of its assets. Some believe a £9.7bn flotation of Dubai's fast growing Emirates airline, which is said to be under consideration, could lead to a re-rating of the UK carrier.

Elsewhere it has been another volatile day, albeit with very thin volumes. With Wall Street going into reverse after a positive start, the FTSE 100 is now also in negative territory, down 64.8 points.

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