Emirates Denies Qantas Investment

Tim Clark, Emirates' CEO, has reportedly ruled out any interest in taking a cornerstone stake in Australian flag-carrier Qantas, saying any potential commercial relationship will be limited to a code-share deal at best, the Sydney Morning Herald is reporting.

As the sell-off in Qantas shares last week sparks renewed speculation of a takeover offer, Clark said that the Dubai-based airline had no interest in taking an equity stake in Qantas, which has also denied the rumors. 

According to the Australian, Clark said he had made some initial approaches to Qantas regarding a code sharing arrangement in Oceania, an area that Emirates had "not really touched."

Any partnership would be similar to Emirates' code shares with US-based JetBlue or Jet Airways in India, where its EK airline code is placed on other airlines' flights.

Willie Walsh, the head of British Airways owner IAG, has also reportedly ruled out taking a stake in Qantas.