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Etihad Airways increases stake in Virgin Australia to 19.9%

11-Oct-2013 11:25 AM

Etihad Airways confirmed (10-Oct-2013) it increased its equity stake in Virgin Australia to 19.9% following a series of on-market purchases of Virgin Australia shares over recent weeks. The stake has now reached the threshold approved by Australia's Foreign Investment Review Board in Jun-2013. Etihad Airways president and CEO James Hogan said, "We are delighted to have reached this milestone. It reflects our strong support for the business strategy and management team of Virgin Australia and our enduring commitment to the Australian market. It also reflects the close working relationship between our two airlines and we look forward to strengthening its commercial foundations. The strategic partnership continues to deliver significant revenue streams and other benefits to each airline. Increasing our equity in Virgin Australia will further enrich the commercial benefits which the partnership delivers for both airlines as well as increasing the benefits to Australian travellers and visitors to Australia." The airlines currently operate a combined 28 services per week between Abu Dhabi and Australia. [more - original PR] [more - original PR - 2] [more - original PR - 3]