Merger talks between British Airways (BA) and its Oneworld alliance partner Qantas Airways have ended without a deal being reached.
Qantas says in a statement that "despite the potential longer-term benefits for Qantas and BA, the airlines have not been able to come to an agreement over the key terms of the merger, at this time".
It adds: "Qantas and BA will continue to work together on their joint business between Australia and the UK and as part of the Oneworld alliance."
The two carriers announced early this month that they were exploring a merger through a dual-listed company structure. They warned, however, that there was "no guarantee that any transaction will be forthcoming" as a result of complexities related to cross-border airline ownership.
BA has said it remains in merger talks with Spain's Iberia.