Air France chief executive Alexandre de Juniac had denied that Air France-KLM is in talks to buy out fellow SkyTeam member Alitalia.
Speaking at a press conference in Paris, he refuted reports in the Italian press that the group is planning to offer Alitalia's other shareholders a 20% premium on the amount they paid in 2008.
"There are no open negotiations as of today. Air France-KLM's resources are limited and do not allow us to go ahead with such a deal," de Juniac said.
He explained to Flightglobal that the French flag carrier has other immediate priorities, meaning that "before 2014 nothing is likely to happen" with Alitalia.
Air France-KLM, which holds a 25% stake in the Italian flag carrier, will have the option of buying further shares from 12 January, when a restructuring provision that bars shareholders from selling their stakes expires.