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Qatar Airways to take 33% stake in Europe’s Cargolux: CEO

3-May-2011 11:33 AM

Qatar Airways CEO Akbar Al Baker stated the carrier plans to acquire a 33% stake in Cargolux with an agreement expected within the next few weeks (Arabian Business/The Peninsular/Reuters/Associated Press/Gulf Times/Gulf News, 02-May-2011). Cargolux would be a strategic investment for the carrier, Mr Al Baker said. Cargolux, Europe's largest all-cargo airline, previously stated it was in talks to sell a stake to a strategic investor. Mr Al Baker did not give a value for the deal. He stated the Cargolux agreement would strengthen the carrier's bottom line without drawing management resources away from its growth strategies. He also stated the carrier would continue to look for other agreements in the future. Cargolux Airlines International generated USD59.8 million in profit in 2010, rebounding from a steep loss in 2009.

Qatar Airways: “We are soon going to sign an agreement with them (Cargolux) ... in a few weeks. We see there are synergies. Qatar Airways would like to expand and I always said we would only be interested if they [the company] are healthy and well-established. We would not invest in an airline. No matter how attractive, if it will take my management time and resources to cure a sick individual, we don’t want to do that," Akbar Al Baker, CEO. Source: Arabian Business, 02-May-2011.