Air France-KLM withdraws bid to buy Czech Airlines

Aviation giant Air France-KLM, Europe’s biggest airline, has dropped its bid to buy the Czech state carrier Czech Airlines, leaving just one Czech bidder in the running. Air France-KLM confirmed the news on Wednesday, saying that the current economic environment was behind its decision. The Czech Republic announced a tender in February offering its entire 91.5 percent stake in the airline. The French-based giant’s withdrawal leaves only the Czech company Unimex group in the running. A final decision is expected by September 30.