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All Nippon Airways (ANA), Japan's largest airline, has taken a stake in Philippine Airlines (PAL) Holdings Inc.
The transaction amounts to $ 95 million and allows ANA Holdings to hold a 9.5% interest in the Philippine national carrier. This is part of ANA's medium-term growth strategy to expand the airline's international network by cooperating with foreign carriers.
In a statement, ANA announced the acquisition of the shares of Trustmark Holdings Corporation, the largest shareholder of PAL Holdings.
Asia is a growing market and we believe that Philippine Airlines is in an excellent operational position to benefit from both the strong acceleration of air traffic growth and the dynamic and thriving economy of the Philippines. We are looking forward to expanding our trading relationship with Philippine Airlines. […]Shinya Katanozaka, President and CEO of ANA Holdings Inc.
Philippine Airlines currently operates nine routes in Japan with a total of 84 weekly flights, while ANA operates two routes to the Philippines with seven weekly flights each. Both carriers already have code-sharing agreements.
This investment from ANA could eventually allow Philippine Airlines to join Star Alliance. PAL is the last major airline in Southeast Asia not to be part of an alliance of airlines. All Nippon joined Star Alliance in 1999.
Read more: ANA Holdings has ordered a Boeing 737 MAX and other Airbus A320neo
German aviation journalist. Editor-in-Chief of International Flight Network.
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