ANA to Buy 60 Boeing Planes for $5.7 Billion

All Nippon Airways, Japan's second-largest airline, said it would spend about 600 billion yen ($5.7 billion) to buy about 60 new fuel-efficient planes from Boeing.

ANA will buy the new planes over the next four years to combat soaring jet fuel prices, a spokesman for the company said, confirming an earlier report in the Nikkei business daily.

The spokesman declined to provide further details ahead of a news conference later today.

The new fleet is expected to include 28 Boeing 737-700s and 737-800s, 26 midsize 787s and five of the larger 777-300s, the Nikkei said.

ANA plans to help finance the deal by using a part of the 280 billion yen it acquired from selling 13 hotels to Morgan Stanley last year, the Nikkei said.

With this deal, close to half of the company's fleet of about 240 planes by the 2011/12 business year will be fuel-efficient, allowing the company to cut its jet fuel bill, currently close to 300 billion yen a year, by about 10 percent, the paper said.