Iberia chairman, Luis Gallego, and the CEO of Globalia, Javier Hidalgo, held private talks in early 2018 over the possible acquisition of Air Europa by Iberia's parent, IAG.

This is not the first time the two airlines have engaged in acquisition talks. The first exchange occurred less than five years earlier, and ended after they couldn't agree on price.

Following the latest talks, the potential acquisition is unlikely to happen as the two carriers have very different cultures.

IAG recently acquired a 4.61% ownership position in Norwegian, from which it will initiate discussions with Norwegian, including the possibility of a full offer for Norwegian.