| Stake Holder | Held in | % | Year first
Acquired |
| Aeromexico | Aeroperu | 47.0 | 1993 |
| Air Canada | Continental Airlines | 19.6 | 1993 |
| Air France | Air Afrique | 19.5 | 1992 |
| " | Aerolíneas Argentinas/Austral | 34.0 | 1990 |
| " | Air Gabon | 11.2 | 1977 |
| " | Air Madagascar | 3.5 | 1963 |
| " | Air Mauritius | 12.8 | 1967 |
| " | Austrian Airlines | 1.5 | 1989 |
| " | Cameroon Airlines | 25.0 | 1971 |
| " | Middle East Airlines - MEA | 28.0 | 1949 |
| " | Royal Air Maroc | 4.0 | 1947 |
| " | Sabena | 37.5 | 1992 |
| " | Tunis Air | 5.6 | 1948 |
| Air India | Air Mauritius | 8.5 | 1975 |
| Alitalia | Malev Hungarian Airlines | 30.0 | 1992 |
| All Nippon Airways | Austrian Airlines | 9.0 | 1990 |
| American Airlines | Canadian Airlines International | 33.0 | 1994 |
| British Airways | Air Mauritius | 12.8 | 1994 |
| " | Air Russia | 31.0 | 1991 |
| " | Deutsche BA | 49.0 | 1992 |
| " | Qantas Airways | 25.0 | 1993 |
| " | TAT European Airlines | 49.9 | 1992 |
| " | US Airways | 24.6 | 1993 |
| Delta AirLines | Singapore Airlines | 2.7 | 1991 |
| " | Swissair | 4.5 | 1989 |
| KLM | ALM Antillean Airlines | 40.0 | 1991 |
| " | AirUK (Official) | 14.9 | 1987 |
| " | Northwest Airlines | 24.9 | 1989 |
| Iberia Airlines | Aerolíneas Argentinas/Austral | 83.0 | 1994 |
| " | Ladeco Chilean Airlines | 37.5 | 1991 |
| " | Viasa | 45.0 | 1991 |
| Japan Airlines | Air New Zealand | 5.0 | 1988 |
| " | Hawaiian Airlines | 8.5 | 1988 |
| Lufthansa | Cargolux | 24.5 | 1987 |
| " | Lauda Air | 26.5 | 1993 |
| " | Luxair | 13.0 | 1992 |
| " | Sun Express | 40.0 | 1990 |
| Qantas Airways | Air New Zealand | 19.9 | 1989 |
| " | Air Pacific | 10.0 | 1987 |
| SAS | British Midland | 40.0 | 1988 |
| Singapore Airlines | Delta AirLines | 5.0 | 1991 |
| " | Royal Air Cambodge | 40.0 | 1994 |
| " | Swissair | 2.7 | 1991 |
| Swissair | Austrian Airlines | 10.0 | 1989 |
| " | Delta AirLines | 4.6 | 1989 |
| " | Singapore Airlines | 0.6 | 1991 |
| Taca International | Aviateca | 30.0 | 1989 |
| " | Lacsa | 10.0 | 1992 |
| " | Nica | 49.0 | 1992 |
Source: Hanlon, Pat, Global Airlines, Competition in a Transnational
Industry (Oxford: butterworth-Heinemann Ltd.,
1985).