Caja Madrid completes stake hike in Iberia, now holds 22.99 pct

MADRID (Thomson Financial) - Caja Madrid said it has completed its stake hike in Iberia Lineas Areas de Espana SA, buying the 6.99 pct held by BBVA and 6.42 pct held by Logista. In a statement, Caja Madrid said it now holds 22.99 pct in the Spanish air carrier.

Iberia is currently the target of a bid by a Gala Capital consortium, which has tabled a 3.60-3.90 eur indicative offer for the airline.

A TPG-BA consortium resigned from the bidding in late November on the heels of Caja Madrid securing its increased stake in Iberia.