The British Airways and TPG-led consortium yesterday confirmed that it formally withdrew its interest in bidding for Iberia because a bid under friendly terms no longer was possible. The decision follows last week's announcement by Caja Madrid, which holds a stake in IB similar in size to BA's, that it wanted to increase its shareholding from just under 10% to 23% and that BBVA and Logista, holding 7.3% and 6.7% respectively, intended to sell their shares to CM (ATWOnline, Nov. 27). "As a ...

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