SYDNEY - Qantas Airways Ltd. said it's in alliance discussions with a number of airlines including arch rival Emirates, sending the Australian flag carrier's shares up nearly 10 per cent.
The statement from Qantas on Thursday was in response to media reports that it is seeking to ally itself with Dubai-based Emirates as it struggles to stem losses in its international business.
The Qantas statement gave few details. It said strengthening its alliances is one of four prongs of a five-year business plan announced in August last year.
Qantas shares surged 9.6 per cent to $1.085 Australian dollars ($1.12) in Sydney. Its share price has fallen from AU$1.80 in late March.