Qatar Airways announced that it has acquired a 9.99% stake in International Airlines Group (IAG) at a total value of £1.15 billion ($1.7 billion), according to IAG website.

Both IAG and Qatar Airways have a close relationship already as part of the oneworld alliance and IAG welcomes Qatar Airways' statement that it would look to strengthen existing commercial ties.

Willie Walsh, IAG chief executive, said: "We're delighted to have Qatar Airways, one of the world's premier airlines, as a long term supportive shareholder. We will talk to them about what opportunities exist to work more closely together and further IAG's ambitions as the leading global airline group".