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Qatar wants 10% of American Airlines | Qatar wants 10% of American Airlines |
(35 minutes later) | |
American Airlines has received an "unsolicited" approach from Qatar Airways which wants to acquire 10% of the US company. | American Airlines has received an "unsolicited" approach from Qatar Airways which wants to acquire 10% of the US company. |
In a regulatory filing American Airlines said Qatar intended to purchase at least $808m (£638m) of its shares. | In a regulatory filing American Airlines said Qatar intended to purchase at least $808m (£638m) of its shares. |
American Airlines said it would respond "in due course". | American Airlines said it would respond "in due course". |
Shares in American Airlines, which is the biggest airline in the world, are up 5% in pre-market trading. | Shares in American Airlines, which is the biggest airline in the world, are up 5% in pre-market trading. |
In 2015, Qatar Airways took a 10% stake in International Airlines Group (IAG), the owner of British Airways (BA) and Iberia. | |
Then in July 2015 it increased its stake to 20%, becoming IAG's biggest shareholder. | |
Earlier this month, Saudi Arabia, Egypt, Bahrain, the United Arab Emirates, Libya, Yemen and the Maldives cut diplomatic ties with Qatar. | |
Saudi Arabia, the UAE, Bahrain and Egypt all said they would stop flights in and out of Qatar, and close their airspace to the country's flag carrier, Qatar Airways. |