British Airways said today it had decided to join a bid for Spanish airline Iberia led by private equity firm Texas Pacific Group (TPG).
"British Airways has joined with TPG Capital, Vista Capital, Inversiones Ibersuizas and Quercus Equity to investigate a possible consortium offer for Iberia," said BA, which owns 10 per cent of Iberia.
TPG and its partners have already made an indicative bid worth €3.4 billion for Iberia, or €3.60 per share.
Spanish investors will own at least 51 per cent of Iberia's capital, with Vista Capital holding "significant weight", it has been reported.