Gala consortium to meet over Iberia

A consortium fronted by Gala Capital is to meet tomorrow with Caja Madrid and officials from Madrid’s local government to discuss its interest in Spanish airline Iberia with major shareholders.

According to Spanish paper La Razon, Gala Capital and consortium partners Manuel Jove and Juan Jose Hidalgo, both wealthy Spanish businessmen, are keen to make a formal bid provided it would have approval from Caja Madrid and other core shareholder El Corte Ingles.

Iberia’s board refused to open its books to Gala in November, following an indicative offer of €3.60 to €3.90 and said it will not provide access until a formal bid was launched.

According to the report, BA’s position and its plans for its 10% stake are still unknown.