Proposed acquisition was being investigated by competition authorities in UK and EU
The British Airways and Iberia owner, International Airlines Group , is to scrap its plan to buy the Spanish airline Air Europa, a deal that was being investigated by competition authorities in the UK and the EU.
The move comes more than two years after International Airlines Group (IAG) – under its former chief executive, Willie Walsh – first announced plans to buy the carrier from the Spanish tourism group Globalia for €1bn (£850m) in November 2019, before renegotiating the deal at half the price after Covid-19 closed down most international travel, prompting huge losses at airlines.