It seems that Qatar Airways wants a piece of American Airlines.
American Airlines announced on Thursday that the airline company had received an unsolicited notice from airline Qatar
Airways. According to a regulatory filing and after a conversation between both CEOs, American Airlines has said that Qatar Airways wants to buy around 10% of the company’s public shares.
American Airlines revealed that Qatar Airways filed under the Hart-Scott-Rodino Act, as required for its proposed investment of at least $808 million. Anyone who wants to purchase over 4.7% of the company needs board approval first, but there has been no request.
“The proposed investment by Qatar Airways was not solicited by American Airlines and would in no way change the company’s board composition, governance, management or strategic direction,” American Airlines said.
American Airlines shares gained about 6% in premarket trading after the news.
Disclaimer: We have no position in American Airlines Group Inc. (NASDAQ: AAL) and have not been compensated for this article.