Swiss liner giant Mediterranean Shipping Co (MSC) has reportedly told Italian authorities that it is no longer interested in investing in ITA Airways as part of a planned privatisation.

In a short statement, MSC said it did not now see the right conditions for a deal in the current process, reported Reuters.

The Soren Toft-led shipowner had partnered with German airline Lufthansa earlier this year to bid for a stake in the Italian airline — the successor to Alitalia.