Friday, June 8, 2012

Etihad airways buys part of Virgin Australia

Abu Dhabi airline Etihad Airways has purchased a four per cent stake in domestic carrier Virgin Australia.

It brought this share for $35.6m (£23.1m) and is reportedly keen to purchase as much as 10 per cent of the company, the BBC said.

The move is part of the airline's plan to expand its global operations by partnering with various airlines around the world.

Manchester City's sponsors have previously invested in Germany's Air Berlin, taking on a 30 per cent stake, Air Seychelles, of which it now owns 40 per cent, and a small share in Ireland's Aer Lingus.

James Hogan, chief executive of Etihad, said: "We're building a strong business model. And part of that business model is partnerships.

"Where we see opportunities to improve our business, stretch our networks and take out costs... we'll consider those accordingly."


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