Post by corsair67 on Nov 23, 2006 10:30:12 GMT 12
This has been pretty big news for the last 24 hours or so, but whether anything comes of it remains to be seen.
This story is from AAP
Bold foreign bid for Qantas
November 22, 2006.
A FOREIGN consortium is launching a bold bid for a major slice of Qantas and a huge say in the airline's management and future. Qantas shares have soared.
At the moment, the foreign capital in Qantas is dissipated among a large number of off shore shareholders, but under this plan foreign ownership would be consolidated through a consortium involving US private equity firm Texas Pacific Group and the Macquarie Bank.
Deputy Prime Minister Mark Vaile today confirmed that Macquarie Bank Texas Pacific Group had made an approach for a takeover bid.
The approach has sent shares in the Australian flag carrier soaring to record levels.
Qantas and Macquarie have both declined to comment.
Mr Vaile, who is also transport and regional services minister, said today it was up to shareholders and the board to decide on the bid.
Mr Vaile said he's confident Qantas will remain in Australian hands, despite speculation about a takeover bid by offshore interests.
"On the commercial side, it is for the board of Qantas and the shareholders of Qantas as to what they do," Mr Vaile told reporters in Brisbane.
Since the privatisation of the airline, the government had maintained its individual shareholding cap at 25 per cent and foreign ownership cap at 49 per cent, he said.
"There is no view to changing any of those caps," Mr Vaile said.
"At the same time, obviously, shareholders have individual rights and if they can capitalise on interest in a well-run company, well that's up to the shareholders and up to the marketplace."
Mr Vaile said the government would continue to play its role as government regulator of the airline industry on behalf of the people of Australia.
He said a proposal from offshore investors to buy Coles-Myer also had not materialised and like the retailer, Qantas was also expected to remain in Australian hands.
"I think there will always be a significant level of Australian ownership," Mr Vaile said.
"Obviously, with the foreign ownership cap, there will always be a majority Australian ownership of Qantas.
"But I can confidently predict you will never see the (flying kangaroo) moved off the tail of Qantas aircraft."
This story is from AAP
Bold foreign bid for Qantas
November 22, 2006.
A FOREIGN consortium is launching a bold bid for a major slice of Qantas and a huge say in the airline's management and future. Qantas shares have soared.
At the moment, the foreign capital in Qantas is dissipated among a large number of off shore shareholders, but under this plan foreign ownership would be consolidated through a consortium involving US private equity firm Texas Pacific Group and the Macquarie Bank.
Deputy Prime Minister Mark Vaile today confirmed that Macquarie Bank Texas Pacific Group had made an approach for a takeover bid.
The approach has sent shares in the Australian flag carrier soaring to record levels.
Qantas and Macquarie have both declined to comment.
Mr Vaile, who is also transport and regional services minister, said today it was up to shareholders and the board to decide on the bid.
Mr Vaile said he's confident Qantas will remain in Australian hands, despite speculation about a takeover bid by offshore interests.
"On the commercial side, it is for the board of Qantas and the shareholders of Qantas as to what they do," Mr Vaile told reporters in Brisbane.
Since the privatisation of the airline, the government had maintained its individual shareholding cap at 25 per cent and foreign ownership cap at 49 per cent, he said.
"There is no view to changing any of those caps," Mr Vaile said.
"At the same time, obviously, shareholders have individual rights and if they can capitalise on interest in a well-run company, well that's up to the shareholders and up to the marketplace."
Mr Vaile said the government would continue to play its role as government regulator of the airline industry on behalf of the people of Australia.
He said a proposal from offshore investors to buy Coles-Myer also had not materialised and like the retailer, Qantas was also expected to remain in Australian hands.
"I think there will always be a significant level of Australian ownership," Mr Vaile said.
"Obviously, with the foreign ownership cap, there will always be a majority Australian ownership of Qantas.
"But I can confidently predict you will never see the (flying kangaroo) moved off the tail of Qantas aircraft."
