British Airways said today it had decided to join a bid for Spanish airline Iberia led by private equity firm Texas Pacific Group.
'British Airways has joined with TPG Capital, Vista Capital, Inversiones Ibersuizas and Quercus Equity to investigate a possible consortium offer for Iberia,' said BA, which owns 10% of Iberia.
TPG and its partners have already made an indicative bid worth €3.4 billion ($4.6 billion) for Iberia, or €3.60 per share.
'There is no guarantee that a formal bid will be made,' BA said, adding that it ruled out making any further investment of its own in Iberia and would not make any independent bid for the carrier.
BA shares closed down 2.8% at 466p in London.
