Qatar Airways buys 9.99 percent of IAG, parent company of British Airways and Spain's Iberia

January 30, 2015 7:45 AM

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DUBAI, United Arab Emirates – Qatar Airways says it is buying a nearly 10 percent stake in International Consolidated Airlines Group, the parent company of British Airways and Spain's Iberia.

The government-backed Gulf carrier said on Friday that the decision to buy 9.99 percent of the company, known as IAG, was part of an effort to enhance its operation and strengthen existing commercial ties with the European company.

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