British Airways said Monday it has contacted private equity investors about joining in a possible bid for Iberia, the Spanish airline.
Iberia announced last month that it had been approached about a possible takeover offer worth more than 3.4 billion euros ($4.6 billion) from U.S. private equity firm TPG Capital, formerly known as the Texas Pacific Group.
Spain's flagship airline said TPG was studying the possibility of making a cash bid of 3.6 euros per share ($4.89) for the company and has requested more detailed information on its finances. Iberia shares closed last week at 3.96 euros.
British Airways holds a 10% stake in Iberia, and the company said it was considering how to use its holding now that a bidder has approached Iberia. British Airways ruled out an independent bid for Iberia.
"As part of this process, the airline has approached a number of private equity companies about making a consortium offer for Iberia. Any consortium bid would not involve further capital investment by British Airways," the airline said in a statement to the London Stock Exchange.
As well as a private equity partner, this consortium is likely to include one or more Spanish partners, the company said.