BA owner IAG to scrap plan to buy Spanish carrier Air Europa

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.