Air France-KLM pulled out of the bidding for state-owned Czech Airlines (CSA) yesterday, citing the impact of the economic environment on the airline business.
Europe's biggest carrier said economic circumstances meant CSA could focus instead on trying to restore its profitability on its own through a recovery plan.
"In this context Air France-KLMwishes to further strengthen the existing partnership between the two groups and to continue to explore with CSA any new areas of co-operation that could be of mutual benefit to each company," it said in a statement.
In April, the Czech Finance Ministry had picked Air France-KLM and a consortium of Czech companies Unimex and Travel Service as second-round bidders for CSA.
Analysts said the sale could be worth around five billion czech crowns ($276 million).
In June, the ministry extended the deadline for binding bids to Sept 15 from July 13 to give more time for due diligence.
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