Qantas to remain Australian as Coalition and Labor agree to limit increase in foreign ownership
The Senate is apparently poised to vote on minor amendments to the Qantas Sale Act, allowing a change to single shareholder portion from 35% to 49%.
The measure also falls well short of allowing majority of the shares to be held offshore, a measure reported to be sought by Qantas management, despite flying in the face of every bilateral air service agreement to which it, as an Australian flag carrier, is a party.
This is a great example of government ass-covering; a few man-years worth of dicking around which will yield no real or imagined change to the airline's ownership, board, results or future. It will however facilitate easing the pent up demand for the shares which so far has manifested itself in, let's see now...oh yeah! a weak volume of shares and a falling share price. (Which, for the sarcasm impaired, means that there is NO demand for shares under the current board or management.)