Source: WOW Airlines
Icelandair Group on Thursday scrapped a plan to acquire its Icelandic rival WOW Air, calling into question the next steps for the struggling budget carrier.

Icelandair said the conditions for the share purchase were "unlikely" to be filled by the company's shareholder meeting, slated for Friday.

"This conclusion is certainly disappointing," Bogi Nils Bogason, Icelandair Group's interim president and CEO, said in a statement. "We want to thank WOW Air's management for a good cooperation in the project during recent weeks. All our best wishes go out to the owners and staff of the WOW Air."