Etihad Airways to review European investment strategy-sources

Etihad Airways is reviewing its strategy of investing in European airlines and is seeking an exit in a shake-up that could lead to the departure of CE James Hogan, company and industry sources said Tuesday. Etihad saw a strategy to take equity stakes in carriers like Air Berlin, Alitalia and Air Serbia as a way to expand its European network but losses have mounted with Air Berlin and Alitalia failing to turn a profit. Etihad announced Sunday it was cutting jobs, with local rival Emirates following a day later in reviewing its. Hogan's expected departure, which could come within the next 3 months according to the sources, and the Etihad restructuring was first reported by German daily Handelsblatt, which cited several sources as saying Etihad wanted to start unwinding its European investments in January. <br/>