Tuesday, October 30, 2012

Virgin Australia sells 10% stake to Singapore Airlines

Virgin Australia planes
 Virgin Australia is the country's second biggest airline after market leader Qantas.

 Virgin Australia has sold a 10% stake to Singapore Airlines, in an attempt to better compete with Qantas Airways in the Australian market. Singapore Airlines, the world's second largest carrier, will spend A$105m ($108m; £68m) on the deal, Virgin said in a statement.

Abu Dhabi's flag carrier, Etihad, already has a minority stake in Virgin. Global and domestic airlines have increased cooperation as rising fuel prices and competition hurts profits.

BBC News

No comments:

Post a Comment