BRITISH Airways today said it had pulled out of plans to takeover Spain’s Iberia, Europe’s fourth-largest airline.
BA’s five member consortium withdrew its interest after a hostile reception from Caja Madrid, a Spanish savings bank, which has a 10% stake in Iberia.
Caja Madrid, which is reportedly keen to keep the airline out of foreign hands.
The consortium said the “consensus and friendly terms that we considered essential for this project are no longer in place. We have thus decided unanimously to withdraw our indication of interest for the company.”
BA said it would not exercise options to acquire the holdings of two other major Iberia shareholders, financial group BBVA and logistics firm Logista. They are likely to go to Caja Madrid.