International Airlines Group (IAG) has lost interest in the possibility of adding Norwegian Air Shuttle to its portfolio of airlines and will sell the remaining stake it owns in the Oslo-based low-cost carrier, which in December launched a restructuring and cost-cutting program to strengthen its financial footing.

“IAG confirms that it does not intend to make an offer for Norwegian Air Shuttle ASA (Norwegian) and that, in due course, it will be selling its remaining 3.93 percent shareholding in Norwegian,” the company’s CFO Enrique Dupuy de Lôme said in a brief stock market update on Thursday.

An IAG spokeswoman told AIN the group would not go into detail about why it had changed its mind. “We wish Norwegian all the success in the future,” she said.

IAG, the parent company of British Airways, Iberia, Vueling, Aer Lingus, and Level, bought a 4.61 percent shareholding in Norwegian in April last year, noting that it “intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer.” Norwegian rejected two conditional proposals for a full takeover from IAG, claiming it undervalued the company. IAG CEO Willie Walsh, however, repeatedly stated he would not get drawn into a bidding war for Norwegian, ruling out a hostile takeover approach.

Commenting on the IAG announcement today, chairman of the Norwegian board Bjørn Kise emphasized no plans for a strategic course correction. “Norwegian’s plans and strategy remain unchanged,” he said. “The company’s goal is to continue building a sustainable business to the benefit of its customers, employees, and shareholders.”