ANZ buying VB stake?
Join Date: Sep 2009
Location: south pacific
Age: 39
Posts: 122
Likes: 0
Received 0 Likes
on
0 Posts
So what kind of plan do Air NZ/Virgin OZ have planned for the Pacific islands out of NZ,they are the only two operators servicing the Pacific....poor island bros/sisters gonna properly fork out more money for fares...
Join Date: May 2006
Posts: 399
Likes: 0
Received 0 Likes
on
0 Posts
Airline's stake shrinks Air NZ's chunk of Virgin Oz
5:30 AM Thursday Nov 1
Air New Zealand's stake in Virgin Australia has been diluted following the issue of shares to Singapore Airlines but it is not clear whether this country's carrier will top it up.
As part of a series of deals announced this week, Singapore Airlines took a 10 per cent stake in Virgin following the issue of new shares.
Air New Zealand has 19.99 per cent of the company before the issue of new shares and has the option of buying more shares to retain that stake.
The airline's group general manager Australasia Bruce Parton said: "We've not formed a public view on it yet. Obviously we have the right to."
Air New Zealand built up its shareholding in Virgin Australia last year, partly to gain a presence in the Australian domestic market.
United Arab Emirates airline Etihad has a 10 per cent stake in Virgin which will also be slightly diluted.
As part of an offensive against Qantas, Virgin Australia issued new shares to Singapore Airlines for A$105 million, using most of those funds for a proposed 60 per cent stake in low-cost carrier Tiger Airways to take on Jetstar. It also will buy all of regional carrier Skywest Airlines.
Parton said Air New Zealand regarded the deal as a good one."From an investor perspective we have a lot of confidence."
The Tiger deal is subject to regulatory approval and competition issues have been described by the Australian Competition and Consumer Commission as "very complicated".Virgin Australia chief executive John Borghetti said the deal was part of Virgin's aim of being the airline of choice in every sector of the market. Borghetti said, "Virgin competes with a lower cost base."
5:30 AM Thursday Nov 1
Air New Zealand's stake in Virgin Australia has been diluted following the issue of shares to Singapore Airlines but it is not clear whether this country's carrier will top it up.
As part of a series of deals announced this week, Singapore Airlines took a 10 per cent stake in Virgin following the issue of new shares.
Air New Zealand has 19.99 per cent of the company before the issue of new shares and has the option of buying more shares to retain that stake.
The airline's group general manager Australasia Bruce Parton said: "We've not formed a public view on it yet. Obviously we have the right to."
Air New Zealand built up its shareholding in Virgin Australia last year, partly to gain a presence in the Australian domestic market.
United Arab Emirates airline Etihad has a 10 per cent stake in Virgin which will also be slightly diluted.
As part of an offensive against Qantas, Virgin Australia issued new shares to Singapore Airlines for A$105 million, using most of those funds for a proposed 60 per cent stake in low-cost carrier Tiger Airways to take on Jetstar. It also will buy all of regional carrier Skywest Airlines.
Parton said Air New Zealand regarded the deal as a good one."From an investor perspective we have a lot of confidence."
The Tiger deal is subject to regulatory approval and competition issues have been described by the Australian Competition and Consumer Commission as "very complicated".Virgin Australia chief executive John Borghetti said the deal was part of Virgin's aim of being the airline of choice in every sector of the market. Borghetti said, "Virgin competes with a lower cost base."
Join Date: May 2006
Posts: 399
Likes: 0
Received 0 Likes
on
0 Posts
Business as usual: Virgin Aust boss
5:30 AM Friday Jun 7, 2013
Air NZ lifts stake but says it has no intention of taking control of airline
Virgin Australia's boss John Borghetti maintains it's business as usual at the airline, despite Air New Zealand becoming the company's biggest shareholder.
Air New Zealand has increased its stake in Virgin Australia by a further 3 per cent to almost 23 per cent, a move analysts believe will help protect it from aggressive moves by major shareholders Singapore Airlines and Etihad.
New Zealand's state-controlled airline paid about A$72 million ($85.8 million) for the shares, but said it has no intention of taking control of Virgin Australia.
Borghetti said Virgin worked well with its major shareholders and partners.
"I'm still going to work," Borghetti said after a business breakfast in Perth. "Nothing changes for us."
Despite increasing its shareholding, Borghetti acknowledged that Air New Zealand did not have a seat on the Virgin Australia board.
"The relationship is exceptionally good," Borghetti said. "Tomorrow is the same as yesterday."
Australia's creep provision allowed under the takeover provisions of the Corporations Law allows companies to acquire up to 3 per cent of another company every six months.
The Foreign Investment Review Board and Australian Competition and Consumer Commission need to approve the Air New Zealand move before it is finalised.
Air New Zealand said the additional interest affirmed its belief and confidence in Virgin Australia.
"Air New Zealand is not seeking a position on the board of Virgin Australia nor does it have the intention of obtaining control of Virgin Australia," the company said.
Richard Branson's Virgin Group holds a 22.37 per cent stake in Virgin Australia, while Singapore Airlines has a 19.9 per cent interest and Etihad Airways holds around 10 per cent of the company with hopes of doubling its stake.
Fat Prophets senior research analyst Brian Han said given the "aggressive attention" of major Virgin Australia shareholders, Air New Zealand was simply trying to protect its interests.
"At this stage it's a small baby step," Han said.
"The next stage is to get board representation and that may come when the two Virgin Group directors decide to step down."
It appeared the Virgin Group would not be a long-term holder of Virgin Australia stock, meaning that two board seats would become vacant after a further sell-down. Han predicts Virgin Australia will be delisted in the future as the major airlines carve up the company.
Air New Zealand shares closed up 0.5c yesterday at $1.475 on the NZX, while Virgin Australia closed down A1.5c at A44.5c on the ASX.
5:30 AM Friday Jun 7, 2013
Air NZ lifts stake but says it has no intention of taking control of airline
Virgin Australia's boss John Borghetti maintains it's business as usual at the airline, despite Air New Zealand becoming the company's biggest shareholder.
Air New Zealand has increased its stake in Virgin Australia by a further 3 per cent to almost 23 per cent, a move analysts believe will help protect it from aggressive moves by major shareholders Singapore Airlines and Etihad.
New Zealand's state-controlled airline paid about A$72 million ($85.8 million) for the shares, but said it has no intention of taking control of Virgin Australia.
Borghetti said Virgin worked well with its major shareholders and partners.
"I'm still going to work," Borghetti said after a business breakfast in Perth. "Nothing changes for us."
Despite increasing its shareholding, Borghetti acknowledged that Air New Zealand did not have a seat on the Virgin Australia board.
"The relationship is exceptionally good," Borghetti said. "Tomorrow is the same as yesterday."
Australia's creep provision allowed under the takeover provisions of the Corporations Law allows companies to acquire up to 3 per cent of another company every six months.
The Foreign Investment Review Board and Australian Competition and Consumer Commission need to approve the Air New Zealand move before it is finalised.
Air New Zealand said the additional interest affirmed its belief and confidence in Virgin Australia.
"Air New Zealand is not seeking a position on the board of Virgin Australia nor does it have the intention of obtaining control of Virgin Australia," the company said.
Richard Branson's Virgin Group holds a 22.37 per cent stake in Virgin Australia, while Singapore Airlines has a 19.9 per cent interest and Etihad Airways holds around 10 per cent of the company with hopes of doubling its stake.
Fat Prophets senior research analyst Brian Han said given the "aggressive attention" of major Virgin Australia shareholders, Air New Zealand was simply trying to protect its interests.
"At this stage it's a small baby step," Han said.
"The next stage is to get board representation and that may come when the two Virgin Group directors decide to step down."
It appeared the Virgin Group would not be a long-term holder of Virgin Australia stock, meaning that two board seats would become vacant after a further sell-down. Han predicts Virgin Australia will be delisted in the future as the major airlines carve up the company.
Air New Zealand shares closed up 0.5c yesterday at $1.475 on the NZX, while Virgin Australia closed down A1.5c at A44.5c on the ASX.
