Qatar Airways drops bid to buy stake in American

June that it wanted to buy a 10 percent stake in American Airlines. Credit Hadi Mizban  Associated P

In response, Qatar Airways CEO Akbar al-Baker expressed disappointment over the U.S. airline's decision, and rejected the accusation of "illegal subsidies".

Qatar Airways is launching 26 exciting new destinations between now and the end of 2018, including Chiang Mai, Thailand; Rio de Janeiro, Brazil; San Francisco, U.S.; and Santiago, Chile.

In a statement on Wednesday, Qatar said, "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".

Qatar Airways will also increase frequency on the Doha-Ho Chi Minh City route from daily to 10 per week from January 1.

The move by Qatar Airways comes as the airline is grappling with headwinds in its core business. But other reports suggested they were willing to lessen the percentage to avoid needing Board of Directors approval.

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American Airlines (AAL) on Wednesday acknowledged Qatar Airways' announcement that it would drop a bid to purchase a minority stake in the US carrier, weeks after company CEO Doug Parker called the proposed investment "puzzling".

The carrier, however, said they would continue looking for ways to expand their USA investment portfolio.

However, in another twist late on Wednesday (2 August), Qatar Airways said it was reversing its decision to build a stake in the U.S. carrier. A Qatar Airways plane is pictured.

Qatar's state-owned airliner first announced intentions to make the deal in June. The company did not immediately respond to an inquiry from CNNMoney.

Qatar already owns stakes in International Consolidated Airlines Group (parent of British Airways and Spain's Iberia), and LATAM Airlines. Its state-run airway has been under economic pressure since its neighbors have sought to implement a trade embargo against the country over a political dispute. "With this new codeshare, more than half of LATAM's domestic destinations in Brazil are accessible to customers flying on Qatar Airways".

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