Qatar Airways Exits Cathay Pacific Stake After Eight Years

Cathay Pacific Airways Ltd. stock jumped the most in almost four months after announcing it will buy back shares owned by Qatar Airways QCSC after the Middle Eastern airline decided to unwind a holding that it held for the past eight years.

Hong Kong’s de-facto flag carrier jumped as much as 5.4% on Thursday in early Hong Kong trading. On Wednesday night, Cathay announced it will buy back Qatar’s 9.57% holding for a total consideration of HK$6.97 billion ($896 million). The deal will need to be approved by at least 75% of its shareholders.