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 American Airlines has told Japan Airlines that it would consider making an equity investment in its Asian partner as part of a sweeping transpacific joint venture agreement between the two airlines, in a bid to ward of an approach by Delta Air Lines to the Japanese carrier.

American’s willingness to inject capital into cash-strapped JAL could trigger a bidding war between the carrier and Delta, its US rival, and help shape the future of international aviation alliances.

In return for Delta taking an equity stake, JAL would leave the Oneworld alliance, which includes American, British Airways and Qantas, for Delta’s SkyTeam, and pursue a strategic partnership with the Atlanta-based airline.

Delta’s approach came at a sensitive time for JAL, which is under pressure from its government to stem losses and stabilise its finances. It also coincides with negotiations between Japan and the US over a bilateral “open skies” accord that would ease access to both countries’ hub airports.

By dangling an equity investment of its own, American is aiming to head off Delta and persuade JAL to reach a joint venture agreement before Japan and the US sign the aviation treaty, people familiar with the matter said.

American executives will remain in Tokyo this week to continue their discussions with JAL, the people said. While the proposed equity stake would fall well short of what JAL may need to shore up its finances, the investment may signal to other equity and debt investors that it is safe to back the airline.

JAL is in the fourth year of a restructuring plan during which it has sold non-core assets and shed jobs and unprofitable routes. The efforts have failed to stem losses, and the company still has Y721bn ($8bn) of debt. JAL posted a net loss of Y99bn in its first quarter, and in June secured Y100bn in emergency funding from existing creditors after the Japanese government agreed to guarantee new loans.

People familiar with the matter said on Friday that Delta’s discussions with JAL were preliminary, yet active, and may lead to an agreement by November. JAL’s defection from Oneworld would give Delta, Air France-KLM and their fellow SkyTeam members a powerful Asian ally just as Japan inches closer to granting foreign carriers more access to its international airports.

US and Japanese officials met last week to discuss the “open skies” accord, which is viewed as a prerequisite to winning regulatory approval for transpacific joint ventures between each country’s airlines. Talks will resume next month. Both sides are hopeful the treaty can be completed by the end of the year, the people said.

All Nippon Airways, Japan’s other national carrier, was expected to seek a joint venture with fellow Star Alliance members such as United Airlines and Lufthansa once its government reached an agreement with the US, people familiar with the plans said.

American declined to comment.