Iberia Makes No Comment on Reported Spanair Interest

Iberia declined to comment on Thursday regarding a report it was looking to bid for Spanair, while analysts warned of the dangers of an approach from the Spanish airline. Newspaper Cinco Dias said Iberia had hired Morgan Stanley to investigate a bid for Spanair which Scandinavian airline SAS has been looking to sell.

“We will not comment on press reports,” said a spokesman for Iberia, a recent takeover target itself. Newspaper Expansion reported separately that Iberia was preparing an offer on its own which could be ready by mid-February.

The newspaper also said that Air Nostrum, a regional unit of Iberia partly belonging to the Serratosa family, could also be interested.

“At a moment like this, taking into account the sector (oil prices, slower demand), we would recommend backing a target rather than a buyer. We don't believe this deal would add value for Iberia in the short or the medium term,” broker Banesto Bolsa said in a note to clients.

For the moment only private travel group Marsans, managed by the founder and former chairman of Spanair Gonzalo Pascual, has confirmed it will take part in the bidding process announced by SAS.