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Sun 18 Nov 2012 12:31 PM

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Qatar Airways to sell stake in Cargolux

Sale of 35 percent stakes comes following dispute over future direction of Gulf airline

Qatar Airways to sell stake in Cargolux

Qatar Airways is to sell its stake in Luxembourg's all-cargo airline Cargolux after a disagreement over the future direction of the airline, a Cargolux spokeswoman said on Saturday.

Qatar Airways bought a 35 percent stake from the Luxembourg government and other parties last summer, but has decided to pull out after failing to agree on a strategy for the airline during meetings on Friday.

"The Luxembourg and Qatari shareholders disagreed on the future strategic orientation of the airline, which led to Qatar's decision to pull out of Cargolux," a spokeswoman for Cargolux told Reuters.

Qatar Airways was not immediately available to comment.

No value was given for the stake when the purchase was announced in June last year.

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