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FINANCIAL NEWS
Etihad’s stake increase in Virgin Australia Okayed
19 Jul 2012
(MENAFN) Australia’s Foreign Investment Review Board has Okayed Etihad Airways’ deal to increase its shareholding in Virgin Australia to 10 percent, Arabian Business reported.
The deal came a month after the Abu Dhabi-based airline increased its stake in the Australian carrier to 4.99 percent.
The strategic partnership “will lead to further revenue generating opportunities”, Etihad said in a statement.
The move reflects Etihad’s efforts to compete with rivals Qatar Airways and Emirates Airline, which are increasingly snapping share market in Europe, Asia and Australia on distant routes.
In December last year Etihad increased its stake in airberlin to 29.2 percent from 2.9 percent. In January, the carrier bought 40 percent stake in Air Seychelles, and in May, it acquired a three percent stake in the Irish carrier Aer Lingus.
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