AMR Corp.'s third-largest shareholder said Friday that it has slashed its stake to 1 percent because the American Airlines parent did not act quickly enough to sell assets and boost its stock price.
FL Group hf, an Icelandic investment company, cut its 9.1 percent holding by selling 20 million shares. The Reykjavik-based company announced the action two days after AMR said it plans to divest its American Eagle regional carrier.
FL Group has been pressuring the carrier since buying the stock last year.
In September, FL urged AMR to spin off its frequent-flier program to add more than $4 billion to shareholder value. Last December, the investor encouraged AMR to play a role in reshaping the airline industry through consolidation.
FL Group said its plan received "a positive reception from stakeholders" and "AMR's management has not been able to take advantage."
Shares of AMR are down nearly 30 percent this year.
FL said selling its AMR stake will have a "negative" financial impact of about $32.5 million on fourth-quarter earnings.
"The AMR share price has continued to suffer" from rising fuel prices and a slowing economy, FL Group said. "The proposed spinoff of American Eagle is a move in the right direction, but the lack of clarity over timing, terms and valuation has done little to enhance value."
Andy Backover, an AMR spokesman, said the company continues to "remain focused on managing our business and on the long-term interests of our shareholders."
