Airline giant IAG, owner of Spanish airline Iberia and British Airways, said Thursday it had dropped its bid to buy Spain's Air Europa due to the "current regulatory environment".
The move comes after the European Commission in January opened an "in-depth investigation" into the proposed deal on concerns it would reduce competition on several routes.
IAG, which also owns Spain's low-cost carrier Vueling and Ireland's Aer Lingus, had in February 2023 said it was to acquire Air Europa for 500 million euros from Globalia, its Spanish owner, pending regulatory approval.
The London-based airline group also announced a 3.9 percent increase in first-half operating profit to 1.3 billion euros ($1.41 billion), as well as its first dividend payment since the start of the COVID pandemic.
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