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Qatar Airways drops plan to buy American Airlines stake
Gulf carrier Qatar Airways has pulled the plug on its proposal to invest in up to 10% of American Airlines’ stock.
The Doha-based airline says an American Airlines’ stake no longer ‘meets our objectives’ which will no doubt cause a collective sigh of relief at American.
American CEO Doug Parker had called the bid ‘puzzling at best and concerning at worst’ considering his airline is at loggerheads with Qatar Air and other Gulf carriers over so-called unfair state subsidies they receive from their respective governments.
"Further review of the proposed financial investment, taking into account the latest public disclosure of American Airlines, has demonstrated that the investment no longer meets our objectives," Qatar Airways said in a statement.
"Qatar Airways will continue to seek opportunities to invest in global aviation to support the airline’s goal to offer the best possible travel experience for its customers."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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