IAG likely to abandon pursuit of Portugal's TAP, Bloomberg News reports

IAG (British Airways owner) is likely to abandon its pursuit of an offer for Portugal's flag carrier TAP, according to Bloomberg citing people familiar with the matter. The apparent withdrawal removes a near-term M&A outcome that could have reshaped European airline consolidation and may exert modest pressure on IAG shares while the TAP privatization process is reassessed and other bidders are considered.

Analysis

IAG (British Airways owner) is likely to abandon its pursuit of an offer for Portugal's flag carrier TAP, according to Bloomberg citing people familiar with the matter. The apparent withdrawal removes a near-term M&A outcome that could have reshaped European airline consolidation and may exert modest pressure on IAG shares while the TAP privatization process is reassessed and other bidders are considered.