Muy intriguing

Cash bids for cyclical companies are supposed to become scarce when credit tightens. Iberia looks like a partial exception to the rule. The Spanish airline, which has been on the block for months, just found a new bidder – backed by billionaires – which might be willing to pay E3,7bn, or E3,90 a share. Iberia’s appeal is two-fold. First, it has a strong 20% market share in routes from Europe to Latin America. Second, it is a Spanish national champion. The industrial logic seems to be strong bu...