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Business deals

ANA to buy 10% stake in Philippine Airlines, say sources

$90m deal seeks to capture rising Southeast Asian travel demand

 Philippine Airlines aircraft taxis at the runway upon arrival at the Ninoy Aquino International Airport in Manila.    © Reuters

TOKYO -- ANA Holdings plans to acquire a roughly 10% stake in PAL Holdings, the parent company of Philippine Airlines, in a deal valued at 10 billion yen ($91 million), sources said on Tuesday.

The investment in the Philippines' largest carrier would follow ANA's acquisition of an 8.8% stake in Vietnam Airlines in 2016 as the Japanese airline moves to gain footholds in faster-growing markets.

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