COMPANIES INTERNATIONAL: FL seeks talks with American Airlines
By Doug Cameron in Houston
An Icelandic investment group plans to request a meeting with American Airlines'
management after disclosing yesterday that it had built a stake of almost 6 per
cent in the world's largest carrier by revenues.
FL Group, which is best known for an abortive but profitable raid on EasyJet
this year, has built the stake in AMR Corp over the past few weeks after
identifying the Dallas-based group as its first major investment outside Europe.
"There are a number of macro things that we found positive [about the US
industry]," said Hannes Smarason, FL Group's chief executive, in an interview
with the FT.
The company has emerged as the third-largest shareholder in AMR at a time of
unprecedented flux in the US airline industry triggered by the hostile $8.3bn
offer for Delta Air Lines by US Airways, its smaller rival.......
...The Icelandic group's 5.98 per cent stake in AMR - valued at $400m-plus - takes the share of airlines in its $3.4bn portfolio to 25 per cent.
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