Qatar Air content with IAG stake, plans major Italian push
Qatar Airways CEO Akbar Al Baker said he’s happy with the level of the company’s 15% stake in British Airways owner IAG and won’t seek a seat on the London-based company’s board. Al Baker said he views the holding as a strategic investment that will aid cooperation in areas such as joint fleet purchases, rather than a financial stake, and has no plans to raise it beyond the current level. Qatar Air bought 9.99% of IAG in January last year before building its position via a series of further purchases. While the Gulf carrier can’t take a majority holding because of EU rules limiting foreign ownership to 49%, the move has fueled speculation in Britain about Al Baker’s aims. ‘We are not a hedge fund,” the CEO said. “We are not an investor that wants to get in and get out quickly and make big bucks.” IAG CEO Willie Walsh said separately at IATA that there’s no prospect of the U.K. company taking a reciprocal stake in Qatar Airways, given the Gulf airline’s 100% state ownership. The Gulf executive said he has big plans for Italian airline Meridiana SpA, in which Doha-based Qatar is also seeking to invest. The regional carrier, which operates a fleet including 30-year-old McDonnell Douglas MD-80-series aircraft, would be rapidly expanded and strategically repositioned he said, most likely with a transfer of Airbus Group SE A320 planes and A330 wide-bodies deemed surplus to requirements in Qatar.<br/>Hub Plan An agreement on the Italian investment has been held back by union opposition and negotiation on labor conditions, and Qatar Air will walk away if those issues are not resolved this summer, Al Baker said. Once the Meridiana situation has been resolved the Mideast giant will turn its attention to Royal Air Maroc, the Moroccan flag carrier, in which it’s seeking to purchase a 25 to 49% stake. Al Baker said he envisages the carrier becoming a hub player with an expanded network covering swathes of north and west Africa, and that an accord would likely include an agreement to help expand its Casablanca base.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-06-06/oneworld/qatar-air-content-with-iag-stake-plans-major-italian-push
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Qatar Air content with IAG stake, plans major Italian push
Qatar Airways CEO Akbar Al Baker said he’s happy with the level of the company’s 15% stake in British Airways owner IAG and won’t seek a seat on the London-based company’s board. Al Baker said he views the holding as a strategic investment that will aid cooperation in areas such as joint fleet purchases, rather than a financial stake, and has no plans to raise it beyond the current level. Qatar Air bought 9.99% of IAG in January last year before building its position via a series of further purchases. While the Gulf carrier can’t take a majority holding because of EU rules limiting foreign ownership to 49%, the move has fueled speculation in Britain about Al Baker’s aims. ‘We are not a hedge fund,” the CEO said. “We are not an investor that wants to get in and get out quickly and make big bucks.” IAG CEO Willie Walsh said separately at IATA that there’s no prospect of the U.K. company taking a reciprocal stake in Qatar Airways, given the Gulf airline’s 100% state ownership. The Gulf executive said he has big plans for Italian airline Meridiana SpA, in which Doha-based Qatar is also seeking to invest. The regional carrier, which operates a fleet including 30-year-old McDonnell Douglas MD-80-series aircraft, would be rapidly expanded and strategically repositioned he said, most likely with a transfer of Airbus Group SE A320 planes and A330 wide-bodies deemed surplus to requirements in Qatar.<br/>Hub Plan An agreement on the Italian investment has been held back by union opposition and negotiation on labor conditions, and Qatar Air will walk away if those issues are not resolved this summer, Al Baker said. Once the Meridiana situation has been resolved the Mideast giant will turn its attention to Royal Air Maroc, the Moroccan flag carrier, in which it’s seeking to purchase a 25 to 49% stake. Al Baker said he envisages the carrier becoming a hub player with an expanded network covering swathes of north and west Africa, and that an accord would likely include an agreement to help expand its Casablanca base.<br/>
