Airline Partners Australia, the private equity consortium that failed in its AUS$11bn(€6.7bn) takeover bid for Qantas Airways, says it will not renew its offer.

The dramatic takeover attempt for iconic Australian airline Qantas collapsed today after the private equity firm bidding for the group admitted defeat.

AUSTRALIA’S takeover regulator has scuttled an A$11 billion (€6.64bn) bid for Qantas Airways after refusing yesterday to allow late support from a major shareholder who missed a deadline to accept the offer.

Qantas Airways said today it considers that a €5.9bn takeover bid for the airline has failed, after regulators refused to step in and save it.

Australian national carrier Qantas Airways said today it had accepted a €6.7bn takeover offer from a private equity consortium including the country’s Macquarie Bank and the Texas Pacific Group.