IAG cancels takeover of Air Europa

British Airways' parent company, IAG, has cancelled its planned takeover of Air Europa. The deal would have been worth $400 million.

IAG has called off the takeover of the Spanish airline Air Europa. IAG holds 20 percent of Air Europa and wanted to take over all shares in the $400 million deal. The reason for the failure is complications with the EU authorities. Due to the withdrawal, IAG must make a payment of $50 million.