BRITISH Airways has dropped plans for a £2.4 billion bid for Spanish carrier Iberia. The British carrier owns 10 per cent of Iberia but will not exercise pre-emption rights to buy a 14 per cent stake owned by Spanish bank BBVA and Spanish logistics company Logista.
Caja Madrid, which also has a 10 per cent share in Iberia, has signalled its intention to bid for the share holding.
Keith Williams, BA's chief financial officer, said in a statement: "British Airways's position as Iberia's key industrial partner remains important and is not dependent on an increase in shareholding. We will enter into discussions with Caja Madrid in order to maximise the value of our relationship with Iberia." |
