Reykjavík's FL Group is now the third-largest shareholder in airline parent AMR Corp. (NYSE:AAR), The Financial Times reported.

The company's investment and planned meeting plan come at a time of unprecedented flux in the U.S. airline industry triggered by the hostile $8.3 billion offer for Delta Air Lines (NYSE:DAL) by US Airways.

FL Group Chief Executive Officer Hannes Smarason said he wants to discuss "strategic issues" with American's management team. He would not discuss what they were.

He did not say when the meeting would take place, the Financial Times said.

The Icelandic group's built a 12.82-million-share stake in AMR Corp. -- a 5.98-percent interest valued at about $400 million -- over the past several weeks, it said in a U.S. Securities and Exchange Commission filing.

It is the limited-liability company's only U.S. airline investment.

American declined to comment on the investment or planned meeting, the newspaper said.