LONDON: Qatar Airways got a 9.99 percent share in International Consolidated Airlines Group (IAG) worth 1.15 billion pounds ($1.7 billion). National airline of Qatar has said that it would plan to strengthen commercial ties with the European carrier and may consider increasing its stake over time, although it was not currently aiming to cross 9.99 percent.
“IAG represents an excellent opportunity to further develop our Westwards strategy,” Qatar Airways Chief Executive Akbar Al Baker said , referring to its aim of expanding in western markets.
Non-European shareholders of IAG including Qatar Airways are subject to an overall cap on ownership as a result of the requirement for EU airlines to be majority owned by EU shareholders.
Shares in IAG, which have risen by 44 percent in the last three months, were trading up 0.3 percent at 565.5 pence. They earlier reached 590 pence, the highest level since the group was formed four years ago.
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