SYDNEY ~ The private equity consortium that made a failed AUS$11.1-billion (US$9.2-billion) bid for Australian flag carrier Qantas announced on Thursday it had dropped plans for a renewed offer.

Airline Partners Australia (APA) had said earlier this month after its first bid collapsed in farce that it was exploring a number of alternatives, including the possibility of making a renewed offer for the airline.

“APA has concluded that in the current environment and circumstances a renewed offer on terms acceptable to APA would not be likely to succeed,” the consortium said in a statement.