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Japan Airlines (OTC: JALSY) gained 8% Monday morning, thanks to weekend rumors that Delta Airlines (NYSE: DAL) and American Airlines (NYSE: AMR) are vying for a piece of the largest airline in Asia's largest travel market. Both Delta and American hope to use an investment in JAL to gain broader access to the Japanese travel market.
Though JAL refuses to comment on any talks, it's been reported over the weekend that Delta could be interested in buying a minority stake in the airline for several hundred million dollars, while American's bid could be $1 billion or more for a joint venture. At the same time, JAL has mentioned wanting to raise a total of $2.8 billion.
JAL is Asia's largest airline in terms of revenue and lost more than $1 billion last quarter. It was the airline's highest quarterly loss in six years. Without some kind of change, JAL is gearing up for its second annual loss in a row. The company has been struggling for several years, and the government has convened a panel of experts to come up with a restructuring plan.
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