British Airways is considering a takeover bid for Spanish carrier, in which it already holds a 10% stake.
However, the airline said it did not intend to invest any more of its own money in the Spanish carrier and would not make an independent bid.
Instead, it is seeking to mount a takeover as part of a consortium – a process that could end with BA selling its stake in Iberia to a successful bidder.
Iberia has been the focus of growing takeover speculation since agreement on an open-skies deal between Europe and the US last month. From next April this will allow any European carrier to fly to the US from anywhere in Europe.
German carrier Lufthansa has already expressed an interest in Iberia, after the Spanish airline revealed it has received a bid from US private equity firm Texas Pacific Group – part of the consortium poised to take over Qantas of Australia.
In a statement to the Stock Exchange this morning, BA revealed it has approached a number of private equity companies about assembling a consortium to make an offer.
It said: “Any consortium bid would not involve further capital investment by British Airways. As a well as a private equity partner, this consortium is likely to include one or more Spanish partners.”