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BA Withdraws Iberia BidNovember 28, 2007 By: Travel Agent Central Contributor Travel Agent
British Airways and Texas-based TPG officially have lost interest in taking over operations of Spanish carrier Iberia. In a letter to Iberia's board, British Airways explained that recent moves by Iberia's core shareholders negated the "consensus and friendly terms that we considered essential for this project." Allegedly prompting the pullout was the decision by savings bank Caja Madrid, an Iberia shareholder, to purchase Iberia holdings of two other banks, upping its Iberia shares to 24 percent, Bloomberg News reported. Visit www.britishairways.com. (JM)