Iberia: Flying high
In the very near future, Iberia should present an offer to purchase Spanair, the company owned by Scandinavian travel and airline group SAS. The company has been the main candidate in the running to acquire Spanair since Marsans gave up its bid. On 14 February, 2008, the company notified the Spanish Comision Nacional del Mercado de Valores (CNMV) as the board of directors authorised it to present, along with Spanish company Gestair, a purchase offer to SAS for 100% of Spanair's shares. So a new company joins as a partner in the operation and the intentions of Iberia over Spanair have been secured. The official note shows that the offer follows the purchase schedule established by the SAS Group in this process. Nevertheless, the offer will be subject to the fulfilment of several conditions that Iberia did not specify. Iberia enlisted the services of Morgan Stanley in order to formalise the purchase offer.
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