American Airlines on Thursday said it recently received an unsolicited offer from Qatar Airways about its intention to acquire at least a 10 percent stake in its company, a move that not many people could have predicted.
The notice advised that Qatar intends to purchase at least $808 million in the U.S.-based airline following a conversation between the two companies' CEOs, which was initiated by Qatar Airways' CEO, Akbar Al Baker, American said in a statement.
American said Thursday that it will respond to the notice "in due course" with the appropriate filings required under the Hart-Scott-Rodino (HSR) Act. Qatar Airways has submitted a filing under the HSR Act, with respect to its potential investment in American Airlines common stock, the companies have confirmed.
Shares of American Airlines jumped nearly 5 percent on this news. [...]
This news might come as a surprise because American's CEO, Doug Parker, has been extremely vocal in blasting Gulf carriers, like Qatar, arguing they receive subsidies and have potentially hurt U.S. carriers as a result.
A deal like this, though, couldn't be stopped by Parker, so long as Qatar doesn't exceed the 24.9 percent ceiling.
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Qatar Airways interested in acquiring about a 10% stake in American Airlines