Qatar Airways to nab near 10pc stake in Cathay Pacific for $865m
Qatar Airways has signed a pact to buy a 9.6 per cent equity stake in rival Cathay Pacific Airways fo $865m.
Qatar Airways has signed a pact to buy a 9.6 per cent equity stake in its Hong-Kong-listed rival Cathay Pacific Airways for HK$5.16 billion ($865m).
Qatar Airways is buying the stake from Kingboard Chemical Holdings, which will use the proceeds to fund other investments, according to its announcement to the Hong Kong Exchange.
The acquisition marks the latest move by the state-owned Qatar flag carrier to buy stakes in airlines across the world. It had recently bought 49 per cent of an Italian carrier and increased its stake in British Airways parent International Consolidated Airlines Group SA. to 20 per cent.
Qatar Airways also tried to buy a large stake in American Airlines Group, seeking to push into the US despite political upheaval at home. The plan, however, was abandoned in August.
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