British Airways and private equity firm Texas Pacific Group may make a lower-than-expected bid for Spanish airline Iberia Lineas Aereas de Espana.
They have secured funding for an offer, which is expected in the next two weeks.
This paves the way for the bidders to sound out Iberia's major shareholders about price expectations, as they may be preparing to table an offer lower than the original indicative bid of US$5.28 a share.
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