Wirraway
9th Sep 2002, 19:26
Bloomberg
Tue, 10 Sep 2002, 05:16am EST
Air New Zealand Denies Report That It Agreed to Qantas Offer to Buy Stake
By Margreet Dietz
(Bloomberg) -- Air New Zealand Ltd. said it hasn't received a proposal from Australia's Qantas Airways Ltd. to buy a stake in the New Zealand government-controlled airline.
"There's no proposal on the table as yet,'' Air New Zealand spokeswoman Rosie Paul said. "There's been no agreement. There has been nothing signed.'' Qantas spokeswoman Melissa Thomson said she couldn't immediately comment.
The Australian Financial Review reported the airlines struck an agreement for Qantas to buy 25 percent of Air New Zealand for about 50 New Zealand cents (24 cents) a share. The paper didn't say where it obtained the information.
Shares in Air New Zealand, which is 82 percent government-owned, were unchanged at 57 New Zealand cents at 10:32 a.m., Auckland time.
Qantas and Air New Zealand have been in talks about forging closer, ties including Australia's largest airline buying a stake in Air New Zealand.
Qantas's agreement to buy 25 percent of Air New Zealand may prompt it to leave the Oneworld alliance of airlines and join the rival Star Alliance, of which Air New Zealand is a member, the newspaper reported.
British Airways Plc, which owns 21 percent of Qantas, may have met with Singapore Airlines Ltd. to discuss selling its Qantas stake, the newspaper said. British Airways is part of the Oneworld alliance while Singapore Airlines is a member of the Star Alliance.
The Star Alliance lost its Australian member when Ansett Holdings Ltd. collapsed a year ago, which has fueled speculation Singapore Airlines may set up domestic operations in Australia to ferry Star Alliance travelers.
Tue, 10 Sep 2002, 05:16am EST
Air New Zealand Denies Report That It Agreed to Qantas Offer to Buy Stake
By Margreet Dietz
(Bloomberg) -- Air New Zealand Ltd. said it hasn't received a proposal from Australia's Qantas Airways Ltd. to buy a stake in the New Zealand government-controlled airline.
"There's no proposal on the table as yet,'' Air New Zealand spokeswoman Rosie Paul said. "There's been no agreement. There has been nothing signed.'' Qantas spokeswoman Melissa Thomson said she couldn't immediately comment.
The Australian Financial Review reported the airlines struck an agreement for Qantas to buy 25 percent of Air New Zealand for about 50 New Zealand cents (24 cents) a share. The paper didn't say where it obtained the information.
Shares in Air New Zealand, which is 82 percent government-owned, were unchanged at 57 New Zealand cents at 10:32 a.m., Auckland time.
Qantas and Air New Zealand have been in talks about forging closer, ties including Australia's largest airline buying a stake in Air New Zealand.
Qantas's agreement to buy 25 percent of Air New Zealand may prompt it to leave the Oneworld alliance of airlines and join the rival Star Alliance, of which Air New Zealand is a member, the newspaper reported.
British Airways Plc, which owns 21 percent of Qantas, may have met with Singapore Airlines Ltd. to discuss selling its Qantas stake, the newspaper said. British Airways is part of the Oneworld alliance while Singapore Airlines is a member of the Star Alliance.
The Star Alliance lost its Australian member when Ansett Holdings Ltd. collapsed a year ago, which has fueled speculation Singapore Airlines may set up domestic operations in Australia to ferry Star Alliance travelers.