Shares in Qantas Airways soared as the national carrier confirmed it is in talks with a number of airlines about potential alliances, including Dubai-based Emirates.
Qantas said that making alliance partnerships stronger was one of the four pillars of the group's five-year strategy announced in August 2011.
Speculation about a possible partnership with Emirates, the world's largest airline, sent Qantas shares soaring A9.5c, or 9.6 per cent, higher at A$1.085 at 2.36pm local time in Australia.
They had earlier peaked at A$1.10 and were one of the most heavily traded stocks on the Australian exchange.
The Australian Financial Review reported that Qantas was working on a tie-up with Emirates that could boost Qantas' ailing international operations. A code-sharing deal would see Qantas flying to Dubai, and Emirates transferring passengers to Europe, the Middle East and Africa.
