Monday, 21 August, 2017

Qatar Airways ditches plan to buy American Airlines stake

Boeing 787 airplane purchased by Qatar Airways is shown during a delivery ceremony in Everett Wash. Qatar Airways announced Sunday Qatar Airways Won't Invest in American Airlines
Juana Turner | 03 August, 2017, 00:55

Qatar Airways has chosen not to proceed with its proposed investment in American Airlines (AAL), according to multiple reports.

"The investment no longer meets our objectives", Qatar Airways said on Wednesday, in part citing American's latest financial results.

A few weeks after Qatar Airways let it be known that it was interested in purchasing about a 10% share in American Airlines, the carrier has chose to give up its pursuit.

American did not immediately return a request for comment Wednesday.

It was an odd move.

Qatar Airways has scrapped its plans to buy an equity stake in American Airlines.

Including Qatar Airways in his scathing criticism, Parker announced last month that American Airlines would cancel its code-share agreement with the airline which sees the carriers market agreed flights between each other.

Parker told employees in June that company officials weren't "particularly excited" about Qatar's proposed investment and vowed that any outside investment would not affect its commitment to "doing what is right for our team members, our customers and all of our shareholders". Parker made clear that any investment by Qatar Airways would not persuade him to back off from the campaign to push the USA government to take action against alleged "illegal subsidies that Qatar, Emirates and Etihad have all received over the years from their governments". Akbar Al Baker, said, "We have witnessed significant growing demand between South America to Qatar and beyond".

Further, American said it would end codeshare agreements with the Qatar and Etihad due to the ongoing dispute.

"This in no way changes the course for American", the company said.

US airlines have accused Qatar, Emirates and Etihad Airways of receiving billions of dollars in unfair subsidies from their governments, with the USA carriers lobbying the Trump administration to intervene.

"Qatar Airways will continue to investigate alternative investment opportunities in the United States of America and elsewhere that do meet our objectives".

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