Air France KLM has withdrawn its offer for Czech Airlines, citing the current economic climate.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