It is possible, because in the QANTAS Sale Act, a maximum of 49% foreign ownership is permissable, but with a maximum of 25% owned by one company. BA owned 25% of QANTAS when QANTAS was floated way back in '95.
Unless QANTAS Domestic is going to be listed seperately on the stock exchange, without breaching any ASX rules, I can't see how anyone can own 25% of QANTAS Domestic. Maybe 25% of QANTAS Group as a whole. Watch this space.
Teresa,
This is what I had posted earlier. No one foreign entity can own more than 25%, but a maximum of 49% can be foreign owned.