Qatar Airways seeks up to 10% stake in American Airlines

Qatar Airways has made an unsolicited bid to take up to a 10% stake—an investment of at least US$808m—in American Airlines, an SEC filing American submitted Thursday revealed. According to filing, Qatar Airways would buy the stake on the open market. If that happens, it would make the carrier one of American’s largest investors. American stresses that the proposal was not solicited and says it “would in no way change the company’s board composition, governance, management or strategic direction.” For now, it is unclear if or how the deal will proceed. In its filing, American states that its certificate of incorporation prohibits anyone from acquiring 4.75% or more of the company’s outstanding stock without advance approval from the board following a written request. <br/>