German carrier Air Berlin has scrapped its takeover of Thomas Cook’s Condor charter airline. It blamed soaring oil prices and worsening economic conditions since the deal was first announced in September. The move puts the brakes on Air Berlin attempts to expand and take on rival Lufthansa. In a statement the two companies talked about alternate future cooperation but didn’t give details. Air Berlin’s depleted shares gained slightly after it called off the acquisition.
No Condor takeover for Air Berlin