Spanish buyout firm Gala Capital Partners has made an indicative offer worth €3.8bn ($5.5bn) for national airline Iberia, setting up a confrontation with British Airways with which it had tried to partner earlier in the year.

Iberia revealed in a filing with Spanish regulators that it had received a request from Gala for access to its books, along with an indicative offer with a price range of €3.60 to €3.90 a share. The bid would be worth €3.8bn if made at the top of that range.