|
Airline Partners Australia renews Qantas bid
POSTED: 8:40 a.m. EDT, May 9,2007
Private equity consortium Airline Partners Australia (APA) said it was reconsidering a fresh bid for Qantas Airways, after its A$11.1 billion (US9.9 million) was declared void by Australian regulators after being rejected by most shareholders, reported Agence France-Presse.
In a company statement on May 8, the Qantas board acknowledged APA's statement that its old bid would not proceed, which had ended in a stock trading suspension on May 7 in the midst of the confusion over whether the offer had been withdrawn or was still being considered.
Said Qantas chairman Margaret Jackson: "This has been an extremely difficult process since the board decided to recommend APA's bid to shareholders. The board will meet again to discuss management's three-year plan and strategies for growth."
"APA is exploring a number of alternatives including the possibility of making a renewed offer for Qantas at A$5.45 per share, [the same price as the original offer]," the consortium told AFP.
But confusion still surrounded what was believed to be the world's largest private equity bid for an airline, with Qantas requesting that trading in its shares be suspended.
Confusing the issue further was a government demand that Qantas re-state its level of Australian ownership as concerns were raised about it falling below 49 per cent Australian content required by law.
Said Transport Minister Mark Vaile: "We have written to Qantas to clarify the exact status of the share register." |
|
RELATED