Abu Dhabi's ambitious plan: Etihad eyeing at least 10 percent in Virgin Australia

Abu Dhabi’s ambitious plan: Etihad eyeing at least 10 percent in Virgin Australia

UAEs-Etihad-buys-4-percent-stake-in-Virgin-Australia

Abu Dhabi's flagship carrier Etihad Airways plans to raise its stake in Virgin Australia Holdings to at least 10 percent, Etihad's top executive said, after stating it owns a near 4 percent stake in the Australian carrier on Tuesday.

June 5, 2012 5:24 by Reuters

Abu Dhabi’s flagship carrier Etihad Airways plans to raise its stake in Virgin Australia Holdings to at least 10 percent, Etihad’s top executive said, after stating it owns a near 4 percent stake in the Australian carrier on Tuesday.

“At a point in time, we would like to take it (stake) to a minimum of 10 percent, if we get the necessary approvals,” James Hogan, Etihad’s chief executive told Reuters.

Etihad, which is on a aggressive expansion drive, acquired a 3.96 percent stake in Virgin Australia through the stock market, it said in a statement.

Hogan also ruled out any plans by the Gulf carrier to buy a stake in Virgin Australia’s rival carrier Qantas, which warned of a likely first annual net loss since its privatisation in 1995.

(Reporting by Praveen Menon; Editing by Dinesh Nair)