Cathay: æno plans to buy British AirwaysÆ
Cathay Pacific has scotched rumors of a potential takeover of British Airways.
On Wednesday Reuters reported that European traders were abuzz over speculation that Hong Kong-based Cathay was planning a bid for BA. British-controlled Swire Pacific holds a 40 percent share of Cathay, while the airline’s roots are intertwined with Britain’s rule over the Chinese territory. Many of the company’s executives are British.
In a statement Thursday, Cathay denied the report.
“These rumors are unfounded,” the airline said. “We have no plans to buy British Airways.”
Both airlines focus on premium service for passengers while they also have a wide cargo network, but both have also been strained significantly this year by fuel costs and slowing cargo demand.
Cathay: ?no plans to buy British Airways?
