BA Withdraws Iberia Bid

 

Spain may be hot, but British Airways appears to have backed off efforts to acquire Spanish carrier Iberia. Texas-based investment firm TPG was also involved in the acquisition talks.

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 from two other banks, upping its Iberia shares to 24 percent, Bloomberg News reported.

Read more on:

Suggested Articles:

Berlin is home to a spread of decent and welcoming mid-to-lower range hotels that cater to a variety of travelers. Here's what you need to know.

Tropical Storm Nestor is set to hit the Gulf Coast late Friday. Get the latest travel updates here.

Travel Leaders has rounded up five suggestions for vacations to relatively undiscovered hidden gems. Check it out.