Qatar Airways Buys 9.99% Stake in IAG

Doha, January 31 (QNA) - Qatar Airways has acquired a 9.99-percent stake in International Airlines Group (IAG) as part of efforts to enhance operations and strengthen existing commercial ties initiated through codeshare agreements as well as its membership of the oneworld alliance, the carrier said Friday in a press release. "IAG represents an excellent opportunity to further develop our Westwards strategy. Having joined the oneworld alliance it makes sense for us to work more closely together in the near term and we look forward to forging a long-term relationship," said Qatar Airways Group Chief Executive Akbar Al Baker. Non-EU shareholders of IAG including Qatar Airways are subject to an overall cap on non-EU ownership as a result of the requirement for EU airlines to be majority owned by EU shareholders. Qatar Airways may consider increasing its stake further over time although this is not currently intended to exceed 9.99 percent. (QNA)