Double posting - here's the news articles from my concurrent thread (now deleted)
breaking news from the
Herald Sun
BA to sell Qantas stake
08sep04
QANTAS Airways Ltd today requested a trading halt in its shares after British Airways Plc confirmed it intended to sell its 18.25 per cent shareholding in the Australian carrier over the next 48 hours.
Qantas said the trading halt, effective immediately, was requested so the market had a chance to absorb the news of the sale.
The halt is expected to continue until the commencement of trading on Friday.
British Airways has held an interest in Qantas for 11 years.
Qantas has been lobbying for a change to the 49 per cent restriction on foreign ownership of its stock.
Here's more from the
e*trade website
BA sale won't affect operations: Qantas
08/09/2004 09:19:49 AM
Australian airline Qantas Airways says that it fully understands the decision by British Airways to sell its 18.25 per cent stake and added that it would have no impact on commercial operations.
Qantas requested a trading halt in its shares after it confirmed that it had been informed that British Airways intends to sell its shareholding over the next 48 hours.
Qantas said that the trading halt, which is effective immediately, was requested so that the market had a chance to absorb the news of the stake sale.
The halt is expected to continue until the commencement of trading on Friday September 10, 2004.
"British Airways has been a supportive shareholder over a period of some ten years and both airlines have formed a strong and constructive commercial relationship," Qantas chief executive Geoff Dixon said.
"Neither airline now believes the shareholding is necessary for the ongoing conduct of that relationship.
"To this extent the Joint Services Agreement that provides for joint schedules, sales and operations between Australia, South East Asia, the United Kingdom and Europe will continue, as will other forms of cooperation."
Mr Dixon said BA had said the sale would strengthen its balance sheet and put the company in a position for any future European consolidation.
"The tyranny of distance between Australia and the United Kingdom rules out such consolidation, but not cooperation, between Qantas and British Airways," Mr Dixon said.
"We will, however, seek to further strengthen our commercial position to enable us to take a leading role in any suitable consolidation opportunities that may arise in the Asia Pacific region."