Taildragger67
20th Apr 2006, 16:15
For my longevity's sake I hope I'm not repeating another thread here, but here goes:
Singapore Air: Not Interested In Acquiring Virgin Blue
SINGAPORE (Dow Jones)--Singapore Airlines Ltd. (S55.SI) Wednesday denied it may buy a stake in Australian low cost carrier Virgin Blue Holdings Ltd. (VBA.AX), calling the speculation unfounded.
"SIA is not interested in acquiring any stake in Virgin Blue. We've said it before and repeat the message that this speculation is ill-founded. We are not in the market to buy any of the airline," SIA spokesman Stephen Forshaw said in an e-mail to Dow Jones Newswires.
"We don't see acquisition of any of Virgin Blue as the solution to our ongoing campaign to see protection of Qantas on the America route ended. The right answer to the problem faced by consumers paying high fares on the America route is to let SIA compete directly against Qantas, not through hypothetical stakes in Virgin Blue," he added.
Analysts had speculated that logistics group Toll Holdings Ltd. (TOL.AX) may sell Virgin Blue rather than keep the airline for freight purposes.
The rumors started after Toll won a A$5.81 billion takeover battle for ports and airline operator Patrick Corp. (PRK.AX), which owns 62.4% of Virgin Blue.
Virgin Group owns 25.6% of Virgin Blue, with founder Richard Branson wanting majority ownership. Toll initially planned to sell most of Patrick's stake back to Branson and retain 10% for itself.
-By Abdul Hadhi, Dow Jones Newswires; 65/6415-4153; [email protected]
-Edited by Marissa Chew
(END) Dow Jones Newswires
19-04-06 0333GMT
Copyright (c) 2006 Dow Jones & Company, Inc.
Singapore Air: Not Interested In Acquiring Virgin Blue
SINGAPORE (Dow Jones)--Singapore Airlines Ltd. (S55.SI) Wednesday denied it may buy a stake in Australian low cost carrier Virgin Blue Holdings Ltd. (VBA.AX), calling the speculation unfounded.
"SIA is not interested in acquiring any stake in Virgin Blue. We've said it before and repeat the message that this speculation is ill-founded. We are not in the market to buy any of the airline," SIA spokesman Stephen Forshaw said in an e-mail to Dow Jones Newswires.
"We don't see acquisition of any of Virgin Blue as the solution to our ongoing campaign to see protection of Qantas on the America route ended. The right answer to the problem faced by consumers paying high fares on the America route is to let SIA compete directly against Qantas, not through hypothetical stakes in Virgin Blue," he added.
Analysts had speculated that logistics group Toll Holdings Ltd. (TOL.AX) may sell Virgin Blue rather than keep the airline for freight purposes.
The rumors started after Toll won a A$5.81 billion takeover battle for ports and airline operator Patrick Corp. (PRK.AX), which owns 62.4% of Virgin Blue.
Virgin Group owns 25.6% of Virgin Blue, with founder Richard Branson wanting majority ownership. Toll initially planned to sell most of Patrick's stake back to Branson and retain 10% for itself.
-By Abdul Hadhi, Dow Jones Newswires; 65/6415-4153; [email protected]
-Edited by Marissa Chew
(END) Dow Jones Newswires
19-04-06 0333GMT
Copyright (c) 2006 Dow Jones & Company, Inc.