Sep 02 2012
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Abu Dhabi's Etihad Airways: Virgin Australia Stake Has Now Reached 10%
Sunday, Sep 02, 2012
DUBAI (Zawya Dow Jones)-- Etihad Airways said on Sunday its stake in Virgin Australia Holdings (VAH.AU) has now reached 10% but the Abu Dhabi-owned airline ruled out becoming a majority shareholder or taking control of the Australian carrier.
Etihad received approval from Australia's Foreign Investment Review Board in July to take its Virgin Australia holding to a maximum 10%, from 5%.
Etihad has recently taken a number of minority equity stakes in airlines as it forges a network of international partners to funnel traffic in and out of its hub in Abu Dhabi.
Mr. Hogan reiterated that Etihad has no interest in becoming a majority shareholder or taking control of Virgin Australia.
Virgin's ability to offer a minority stake in the company can also make alliance deals appear more enticing to potential partners. It has also signed alliances with Singapore Airlines, Air New Zealand and Delta Air Lines Inc. as it attempts to steal premium customers from Qantas, and has started rolling out business-class seats on its Australian domestic fleet.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; firstname.lastname@example.org; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
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