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Air France -KLM looks at Iberia

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Air France -KLM looks at Iberia

Old 17th Jul 2007, 10:19
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Air France -KLM looks at Iberia

PARIS (AFP) - Air France said Monday it was considering a tie-up with Spanish carrier Iberia among other options.

In a statement on its website it said such a move, "among others, was being examined with a view to consolidation, which is essential to the efficiency and the profitability in this sector of activity."

"In Europe Spain is one of the main markets and Iberia is an important player in air transport," it said.

It said the Air France-KLM "intends to participate actively in the process of consolidation of the air transport industry."

Earlier on Monday the Spanish business daily elEconomista reported that the investment fund Apax and Air France, allied with Spanish investors, were preparing a bid for Iberia.

The paper, citing sources close to the matter, said the French-led alliance would unveil its offer by the end of the month, challenging an overture from the TPG investment fund and British Airways.

It said the new bid would value Iberia at around 3.81 billion euros (5.2 billion dollars), or four euros a share. The preliminary TPG bid, announced in March and later joined by British Airways, is worth 3.60 euros a share or 3.4 billion euros.

elEconomista said that in the next few weeks, Apax and investors Jose Manuel Lara and Juan Abello would come forward with an "initial purchase proposal, which Air France will then join as the industrial partner."

The Iberia board of directors on Thursday said it would not provide TPG and British Airways with sensitive company information unless it made a firm offer for the airline.

Iberia, in which British Airways already has a 10 percent stake, said in March that it was open to a partnership with another carrier.

From this news item it looks like the Texas pacific Group really does like airlines.If this trend keeps up then within 10 years there will only be 3 company's in the world.

Mac bank
Texas Pacific Group
Microsoft (unless Mac bank buys them)

This will give GD the reason (excuse) to merge with someone else or another takeover.
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