Texas Pacific Group plans to put together a consortium to take over Iberia

Texas Pacific Group is reportedly seeking a Spanish partner to join its €3.4 billion bid for Iberia. (4/2/2007)According to The Times, the American private equity firm is in talks with several Spanish investors and institutions as it tries to build a consortium bid that maintains the airline’s national identity.As an American firm, Texas Pacific can own only up to 49 percent of Iberia so as not to affect its status as the Spanish national airline. The report indicated that Texas Pacific could approach the acquisitive, cash-rich Spanish construction groups, such as Ferrovial, Acciona or ACS, which in recent months have played a central role in several Spanish takeovers. According to Belfast Telegraph, TPG is believed to have held talks to try to persuade BA to join its consortium. “On Friday, the UK carrier appointed the investment bank UBS to advise it on how it can best maximise the value of its Iberia shareholding. It also instructed its two nominees on the Iberia board - Roger Maynard, its director of investments, and Tristan Garel-Jones, the former Tory minister - not to attend an Iberia board meeting in order to avoid any potential conflict of interest over a bid for the airline from TPG,” it reported. TPG made a €3.6-a-share indicative approach to Iberia at the end of last week valuing the airline at €3.4bn (2.3bn). BA also has a right of first refusal on a stake of about 30 percent held by a group of core shareholders in the Spanish airline including the local banks Caja Madrid and BBVA.
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