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FINANCIAL NEWS
Etihad Airways brings stake up to 10% in Virgin Australia
03 Sep 2012
(MENAFN) Abu Dhabi-based Etihad Airways has bought more stake in Virgin Australia, bringing its total shareholding to 10 percent, Reuters reported.
The carrier increased its stake in the Australian airline through open market purchases, the state airline said in a statement.
Abu Dhabi’s flag carrier won a nod from Australia’s Foreign Investment Review Board (FIRB) to increase its stake from five percent to 10 percent, it added.
Etihad’s President and CEO James Hogan previously said the airline was interested in increasing its stake in the Aussie airline, adding it does not plan to acquire a majority stake in Virgin Australia.
Etihad has been buying stakes in international airlines, including Aer Lingus, Air Seychelles and Air Berlin, as it seeks compete with big Gulf rivals such as Dubai’s Emirates and Qatar Airways.
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