BA TPG consortium withdraws

The British Airways and TPG consortium have confirmed they have formally withdrawn their interest in bidding for Iberia.

In a letter to the Iberia board the consortium said:

"As a consequence of the recent decision taken by Iberia's core shareholders, the consortium formed by British Airways, Ibersuizas, Quercus, TPG and Vista Capital, has come to the conclusion that it is not possible to pursue a potential takeover bid since 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."