In a long expected move, International Airlines Group (IAG) has confirmed it would consider taking a stake in Japan Airlines (JAL) when it re-lists on the stock exchange later this year.

IAG – the holding company behind British Airways and Iberia – is already closely affiliated to the carrier through the oneworld airline alliance.

JAL de-listed from the Tokyo Stock Exchange in 2010 after it was forced to seek bankruptcy protection.

An IPO, tentatively scheduled for later this year, could raise between ¥500 billion-¥1 trillion.

IAG already cooperates with JAL on routes between Europe and Japan following a deal signed last month.

“JAL has done a great job in restructuring its business,” read a statement from the IAG earlier.

“IAG would look closely at investing in JAL and would not rule it out at this stage.”

Japan Airlines underwent a major re-structuring after receiving a state bail-out in early 2010.

The move saw the carrier shed one third of its workforce and cut international routes.