Current foreign ownership as of the last notifications was just under 36%. No investment firm would be interested in 14% of a company unless they saw significant ROI, they would want significant returns and some for of meaningful board representation for Billions in investment, this has been the issue for a long time. Virgin had the same problem with too many entities spoiling the broth and none able to control direction to the point it was worth investing in. They just had Veto controls to ensure VA didn't cross their paths and interfere with their own agendas.
They also have much greater diversified business as opposed to Rex and even Virgin. A goliath FF program expanded into insurance etc and an exponentially growing freight business.
I agree to a point, but the cash cow for QF is its domestic operation, every opposition airline knows this, and it is always quoted as the "underlying profit maker". The FF program and other sundries are worth very little without QF airlines at the helm.
All you have to do is read the pilot responses to the customer complaint in the other thread about how QF pilots have no avenue to pass on critical customer suggestions to management that might be heard to see how fractured the company is.