Qatar Airways (QR, Doha Hamad International) is planning to acquire a 10% stake in American Airlines (AA, Dallas/Fort Worth), the US carrier has disclosed in a recent SEC filing.
American Airlines Group said Thursday, June 22, it had received an unsolicited notice from the Qatari carrier indicating its intention to make a "significant investment" in American Airlines. Qatar Airways has indicated that its purchase would be made on the open market and would target at least USD808 million worth of stock.
"In a conversation between the CEOs of the two companies initiated by the Qatar Airways CEO [Akbar al Baker], Qatar Airways indicated that it has an interest in acquiring approximately a ten percent stake," it said.
The purchase requires AA board approval and is subject to US laws capping foreign investment in local carriers at 24.9%.
"The proposed investment by Qatar Airways was not solicited by American Airlines and would in no way change the Company’s Board composition, governance, management or strategic direction," AA added.
"It also does not alter American Airlines’ conviction on the need to enforce the Open Skies agreements with the United Arab Emirates and the nation of Qatar and ensure fair competition with Gulf carriers, including Qatar Airways."
The two Oneworld members have an existing commercial partnership through extensive codeshare and marketing agreements covering domestic US, transatlantic, and European flights.
