Qatar Airways Dropping Plan To Invest In American Airlines

NEW YORK (AP) – Qatar Airways says it’s dropping an attempt to buy a big stake in American Airlines, an audacious move that received a chilly reception from the Fort Worth-based carrier.

Qatar Airways said Wednesday that the investment no longer meets its objectives. American Airlines Group Inc. did not comment immediately.

Qatar said in June that it planned to buy an initial stake of up to 4.75 percent of American’s stock, but the company said Qatar’s goal was to get a 10 percent stake.

It was an odd bid. The two airlines are on opposite sides in a nasty fight that has big U.S. carriers complaining that Qatar and other Middle East airlines get illegal subsidies from their governments.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

More From CBS Dallas / Fort Worth

Drip Pan: CBS Local App
Drip Pan: Weather App
Drip Pan: Restaurant Week 365

Watch & Listen LIVE