BA, TPG close to financing for Iberia

British Airways and US private equity firm TPG Capital are closing in on funding for a joint €3.4bn (US$5bn) bid for Spanish airline Iberia.

Unnamed sources told UK daily The Times that the consortium has reached the final stages of agreeing an underwritten loan from Citi, Royal Bank of Scotland and French bank Natixis.

An offer could be made next week and plans are for completion before Christmas.