Qatar Airways Seeks a 10% Stake in American Airlines
Source: The Wall Street Journal.
Qatar Airways Seeks a 10% Stake in American Airlines
State-owned airline intends to buy into the American carrier by picking up shares on the open market
By Imani Moise
https://twitter.com/MoiseNoise
Updated June 22, 2017 8:50 a.m. ET
American Airlines Group Inc. said Thursday that it received an unsolicited notice from state-owned Qatar Airways indicating the Middle Eastern airline plans to acquire as much as 10% of the company.
Qatar Airways, which expects to make its investment on the open market, submitted a filing saying it intends to buy at least $808 million worth of American stock, or roughly 16.7 million shares at Wednesdays closing price. American Airlinesthe worlds biggest air carrier by traffic and revenuehas a market value of roughly $24 billion.
In the filing, American said Qatar Airways Chief Executive Akbar Al Baker told American that Qatar intended to acquire up to a 10% stake.
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Write to Imani Moise at imani.moise@wsj.com
Read more: https://www.wsj.com/articles/qatar-airways-seeks-a-10-stake-in-american-airlines-1498134680
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American Airlines said it received an unsolicited notice from the state-owned Qatar Airways
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