Iberia's sale is looking more probable following its confirmation yesterday that it received a takeover approach from a consortium led by private equity group Gala Capital. In March, a consortium led by US investment fund TPG that included British Airways (which holds a 10% stake in IB) made an indicative offer of €3.60 ($5.28) per share (ATWOnline, July 13). It has not made a firm bid, although BA CEO Willie Walsh recently indicated the consortium expected to make a formal proposal by ...

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