Madrid - Spanish airline Iberia Thursday withdrew its offer for rival Spanair, which Scandinavia's SAS put up for sale last year.

Iberia said the conditions were not right for a takeover, Spain's national broadcaster RNE said.

Iberia, which had planned to acquire the airline together with the smaller Gestair, also cited changed market conditions, the report said.

Iberia had been the main contender to take over Spanair, which was founded 20 years ago. In February, Spanish tourism concern Marsans dropped its plans to acquire the airline. (dpa)