It's not just fund managers who should be interested in airline investment and ownership. Travel managers can find valuable hints about future route networks and fare levels from watching not just where carriers choose to fly but where they invest.
The days of airlines being 'flag carriers' may be long-gone but there is still heavy state involvement from direct ownership and financial support to regulations. But there has been huge change.
Although the US still requires that foreign ownership in any American carrier not exceed 75%, the rules about foreign ownership in the rest of the world are following the trend of other globalised businesses and relaxing. Australia, New Zealand and India, for example, now allow 100% foreign ownership.
The EU caps foreign ownership at 49% but allows this to be exceeded through deals with individual countries. Etihad has substantial stakes in Alitalia and Air Berlin and Qatar Airways now owns 20% of IAG, parent company of Aer Lingus, British Airways, Iberia and Vueling.
After the British EU referendum result Qatar decided to up its existing stake in IAG to 20%. Not only did IAG's share price drop sharply in response to the vote but life after Brexit could mean exemption from EU regulations.
For travel managers it is a clue to what might happen to route networks, particularly on the competitive North Atlantic route.
Several years ago IAG wanted to strengthen its proposition across the Atlantic — that meant closer co-operation with Oneworld partner American who could provide British Airways and Iberia with onward connections to American destinations without direct services and onward connections to BA and Iberia destinations not served directly by American's own route network.
Because foreign ownership of carriers greater than 75% was not allowed the three carriers created a joint venture. This meant closer financial and business ties, such as schedule co-ordination, than could ever be achieved via an alliance.
Like foreign ownership, joint ventures are not unusual. American also has one with JAL and American and IAG has subsequently entered into one with LATAM.
Closer business ties and schedule co-ordination mean more access to more destinations. For travel managers it can potentially mean fewer negotiations and contracts.
However, it also can potentially mean fewer options, ie less competition on routes, which can lead to higher fares.
Lufthansa's recent half year results alluded to challenges on long-haul routes because of competition from Gulf carriers.
Closer ties between Qatar and BA might just reduce that competition.
Greater convenience and simplicity of process may just come at a higher price.