A Qatar Airways plane taking-off from the Hamad International Airport in Doha. (AFP)
NEW YORK: Qatar Airways will not proceed with its proposed financial investment in American Airlines Group Inc, reversing an earlier decision to build a stake of up to 4.75 percent in the US carrier.
"Further review of the proposed financial investment, taking into account the latest public disclosure of American Airlines, has demonstrated that the investment no longer meets our objectives," the state-owned Qatar Airways said in a statement.
"Qatar Airways will continue to investigate alternative investment opportunities in the United States of America and elsewhere that do meet our objectives."
American Airlines said it respected Qatar's decision to withdraw, and added that the turnabout would not make any difference in American's plans.
"We respect Qatar Airways' decision not to proceed with its proposed investment in American Airlines. This in no way changes the course for American," American Airlines spokesman Matt Miller said.
