RFG,
Hell!!! It is much worse than I thought!!!
You are quite right. AirNz is not worth that much. $550 million AUD for 22.5% is ridiculous for that outfit. As mentioned in another post the Aussie Taxpayer will be called upon to clear up the resulting mess if QF( don't forget Qf is the National flag carrier) keeps splashing money around like that.
There is a saying that if you buy something from a kiwi you have paid too much and if you sell to one you got too little!