Air France KLM has withdrawn its offer for Czech Airlines, citing the current economic climate.

The French-Dutch airline brought out a non-binding offer for 91.5% of the shares in state-owned CSA in March. The value of the deal was never disclosed but analysts put it at around €200m.
‘The current economic environment has significantly impacted the airline business. Under such circumstances, Air France KLM believes that CSA might focus on developing and implementing a stand-alone recovery plan aimed at restoring its profitability,’ the company said in a statement.