VOL. 127 | NO. 153 | Tuesday, August 07, 2012
IAG Eyes Stake in American Airlines
LONDON (AP) — The owner of British Airways and Spanish airline Iberia says it is considering taking a stake in American Airlines.
"It is something we would consider," a spokeswoman for International Airlines Group said Monday, confirming remarks by IAG CEO Willie Walsh reported earlier in the day by the Financial Times.
Walsh said that a small stake in American could reinforce American's participation in the Oneworld alliance which includes British Airways, Iberia, Japan Airlines and Qantas. British Airways has a joint venture with American on North Atlantic flights.
Walsh said IAG is prepared to buy a stake "if we can make the case that there is additional strategic value to be achieved."
American Airlines is undergoing reorganization under U.S. bankruptcy law.
In a speech in Washington on July 17, Walsh said he believed American would emerge as a stronger airline. "A stronger AA not only benefits its customers, employees and shareholders but it also benefits its partners," he had said.
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