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Sat 20 Jul 2013 09:53 AM

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Emirates “has no plans” to buy any airline stakes

Dubai carrier denied rumours it offered to buy a 51% stake in Philippine Airlines (PAL)

Emirates “has no plans” to buy any airline stakes
Dubai-based Emirates Airline said it is not interested in buying stakes in other airlines.

Dubai-based Emirates Airline said it is not interested in buying stakes in other airlines as it moved to dismiss speculation it was trying to acquire a majority stake in Philippine Airlines (PAL).

Media outlets reported Chinese Filipino billionaire Lucio Tan had been approached by a group of unnamed investors to buy his 51 percent stake in PAL.

The Dubai carrier was named in the reports, but it moved to dismiss the rumours, declaring it was not interested in buying a stake in any overseas airlines.

“Emirates has no plans to acquire a stake in another airline,” the carrier said in a statement. “We are busy focusing on the many aspects of our own growth.”

The move is in contract to Abu Dhabi’s Etihad Airways which has bought stakes in a range of airlines, including Germany’s AirBerlin, Ireland’s Aer Lingus and Air Seychelles. It is currently awaiting approval to buy a stake in India’s Jet Airways and is reportedly close to signing a deal for a stake in Serbia’s Jat Airways.

Emirates in April signed a partnership with Australia’s Qantas and Tim Clark, president of the airline, said earlier this year he would be interested in a partnership with Lufthansa is the German carrier was willing to enter into talks.

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