International Airlines Group, the owner of British Airways and Spain’s Iberia, has ruled out any further acquisitions in Europe for now as it sees better value elsewhere.

The boss of British Airways and Iberia parent company International Airlines Group said any deals would come from further afield.

IAG chief executive Willie Walsh, speaking at the World Low Cost Airlines Congress in London, said that “there may be more opportunities globally, outside Europe”.

He said: “We don’t see anything attractive to buy or merge with in Europe at the moment.”

IAG completed the acquisition of Spanish budget carrier Vueling for $180 million in April.

Walsh also said he would not shirk from taking on unions opposed to reforms at Iberia but that there was no agreement yet with Spanish pilots’ union Sepla.

“I’m not employed to have fun. If it means taking on unions again then so be it, it’s my job,” the Daily Telegraph reported Walsh as saying.

IAG initially sought more than 4,000 job cuts at Iberia. But the size of the lay-offs, and the level of pay cuts, was reduced to 3,141 by a Spanish government-appointed mediator after a fight with the unions.

IAG has cut 1,700 jobs at Iberia so far and is targeting 2,400 by the year end.