Cathay Pacific denies plans to takeover British Airways

[Phillippe M]

Cathay Pacific denies plans to takeover British Airways
From correspondents in Hong Kong Agence France-Presse October 23, 2008 03:49pm

HONG KONG carrier Cathay Pacific today denied market rumours that it was planning a takeover of British Airways.
"These rumours are unfounded. We have no plans to buy British Airways," a Cathay spokeswoman said.

London-listed shares of British Airways rose yesterday on speculation that the firm was a takeover target.

British Airways is in merger talks with Spanish national carrier Iberia, but company president Willie Walsh said in an interview in early October the move would take longer than expected due to the downturn in the aviation sector.

Cathay said last week its passenger numbers had dropped in September due to the global financial crisis, its first fall since 1993.

The airline said in its company newsletter earlier this month it had been "hit hard" by the economic downturn, with a significant drop in the number of first and business class travellers.

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