Qatar Airways buys stake in Cathay Pacific

Wednesday, 06 Nov, 2017 0

Qatar Airways is to buy a stake of 9.6% in Cathay Pacific, making it the airine’s third biggest shareholder.

Qatar already owns 49% of Italian airline Meridiana, a 20% stake in British Airways’ parent International Airlines Group, and 10% of LATAM Airlines Group.

It tried but failed to buy a stake of up to 4.75% in American Airlines earlier this year.

Qatar, Cathay, British Airways and LATAM are all partners in the Oneworld alliance.

Hong Kong’s Kingboard Chemical Holdings said today it has agreed to sell its 9.6% stake in Cathay Pacific for HK$5.16 billion ($661 million).

Qatar Airways group chief executive Akbar Al Baker said: "Qatar Airways is very pleased to complete its financial investment in Cathay Pacific.

"Cathay Pacific is a fellow Oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future."

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Bev

Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.

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