Nocookies | The Australian
The chief executive of Qatar Airways has ruled out buying any or all of Air New Zealand’s stake in Virgin Australia, saying the Gulf carrier only invests in “successful” airlines.
The rejection by Qatar Airways chief executive Akbar Al Baker comes as analysts at Credit Suisse warn that Virgin Australia needs to raise as much as $1 billion in new capital to repair its balance sheet.
That task to raise capital is likely to fall on Virgin’s existing shareholders — Etihad and Singapore — after Mr Al Baker indicated Qatar Airways had no interest in buying any of the 25.9 per cent stake currently being reviewed for sale by Air New Zealand.
Buying into airlines around the world forms a central plank of Mr Al Baker’s strategy to quickly grow the Gulf carrier. The airline has become the largest investor in British Airways parent International Consolidated Airlines Group and recently it also struck an agreement with Italian carrier Meridiana under which it could take a 49 per cent stake by midyear.