LONDON (Alliance News) - Qatar Airways on Tuesday said it has increased its stake in British Airways-owner International Consolidated Airlines Group SA to 15% in a push to "further deepen its relationship" with the group.
Qatar did not provide any further details on the increased stake, which has risen from 12% previously. It was only increased to 12% in April, having previously been 9.99%.
Qatar Airways said it thinks IAG is well positioned in the European market, particularly given its exposure to transatlantic flights, its leading positions in London and Madrid, where it owns Spanish flag carrier Iberia, and the future benefits from the acquisition of Ireland's Aer Lingus.
"We have been very happy with our investment in IAG, from a financial, commercial and strategic perspective. The relationship formed has helped to deliver on our westbound strategy. Furthermore, IAG's proven management and strategic direction have been the basis on which we will continue to forge a long-term relationship," said Akbar Al Baker, chief executive of Qatar Airways.
Shares in IAG were up 1.6% to 519.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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International Airlines (IAG)
