IAG CEO Walsh: Relationship With Qantas Not Dependent on Equity

BEIJING--The head of International Airlines Group (IAG.LN), parent of British Airways, said Tuesday its strong relationship with Qantas Airways Ltd. (QAN.AU) isn't dependent on equity involvement and he doesn't believe the Australian carrier is seeking equity.

IAG Chief Executive Willie Walsh was responding to a question about any intention the U.K.-based company had to seek a stake in Qantas.

British Airways was once the single-biggest investor in the Australian airline with 25%. It sold all that in 2004. Both airlines are key members of the Oneworld global airline alliance.

Qantas has shied away from corporate alliances since a failed 2008 attempt to merge with British Airways.

Mr. Walsh's comments come as Qantas builds a team of banks and key executives to ward off potential hostile takeovers. A spokesman for Qantas said Tuesday the airline has hired Macquarie Group Ltd. to advise in case it receives a bid and Citigroup Inc. to monitor its share register.

International Airlines Group--officially International Consolidated Airlines Group SA--is a multinational airline holding company, formed in early 2011 by the merger of British Airways and Iberia.

Meanwhile, Mr. Walsh said IAG has no fund-raising plans this year and no plans to invest in European airlines in the near term, saying it is "highly unlikely" the group will bid for TAP Air Portugal.

Write to Yajun Zhang at yajun.zhang@dowjones.com