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Qantas Sold To Private Consortium  
User currently offlineJetfuel From Australia, joined Jan 2005, 2221 posts, RR: 0
Posted (7 years 8 months 2 weeks 11 hours ago) and read 11060 times:

The deal means Australia's national carrier will become a privately-owned company and will delist from the Australian Stock Exchange after 11 years as a listed group.


http://www.news.com.au/business/story/0,23636,20925954-31037,00.html


Where's the passion gone out of the airline industry? The smell of jetfuel and the romance of taking a flight....
119 replies: All unread, showing first 25:
 
User currently offlineJetfuel From Australia, joined Jan 2005, 2221 posts, RR: 0
Reply 1, posted (7 years 8 months 2 weeks 11 hours ago) and read 11065 times:

From the Aus Stock Exchange

Media Release
Qantas Airways Limited ABN 16 009 661 901
Further information and media releases can be found at the Qantas internet website: www.qantas.com.au
SYDNEY, 14 December 2006: The Chairman of Qantas Airways Limited, Margaret Jackson, today
announced that, following detailed negotiations, the Qantas Board had received a revised proposal from
Airline Partners Australia (APA) to acquire 100 percent of the Company for $5.60 cash per share.
Margaret Jackson said the revised proposal provided an attractive premium for Qantas shareholders,
being:
• 33 percent higher than the closing share price of $4.20 on 6 November 2006, the day before the first
speculation about the offer; and
• 61 percent above Qantas’ volume weighted average share price of $3.48 over the six months to that
date.
Ms Jackson said that, subject to receiving an opinion by independent expert Grant Samuel that the offer
is fair and reasonable, the Non-Executive Directors unanimously intend to recommend that shareholders
accept the offer in the absence of a superior proposal, and all Directors intend to accept in respect of
their own shareholdings.
“The Directors believe this offer allows Qantas shareholders to realise significant value for their shares
that has not been fully recognised in the public market,” Ms Jackson said.
The proposal will be implemented by way of an off-market takeover bid, which will be subject to certain
conditions including a 90 percent minimum acceptance condition.
Ms Jackson said the revised proposal followed negotiations with APA since the Board’s rejection
yesterday of its initial proposal. These negotiations resulted in the removal of unacceptable conditions
and a substantial break fee as well as an increase in the price from $5.50 to $5.60 per share.
Under the terms of the offer, the interim dividend that would otherwise be payable in April 2007 will not
be available. However, the Board is evaluating whether a fully franked special dividend could be paid
during the bid period, in which case the offer consideration would be reduced by the dividend amount.
“Following the Directors’ decision, Qantas this morning executed an Implementation Deed with APA and
its members to progress the offer,” Ms Jackson said.
A summary of the key terms of the Implementation Deed is attached.
APA consists of the following investors:
• Allco Equity Partners
• Allco Finance Group
• Macquarie Bank
• TPG
• Onex
• other foreign investment funds
QANTAS RECOMMENDS REVISED OFFER
FROM AIRLINE PARTNERS AUSTRALIA
2
The proposal involves:
• Qantas transitioning to a privately owned company and de-listing from the Australian Securities
Exchange;
• Qantas remaining majority owned and controlled by Australians; and
• retention of the current management team, who will invest in the privately owned company.
Mr Geoff Dixon would continue as Chief Executive Officer and Mr Peter Gregg would remain Chief
Financial Officer under the new ownership structure.
As Executive Directors, Mr Dixon and Mr Gregg did not participate in the Board’s decision-making
processes. However, they agreed with the decision and the rest of the senior executive team also
support the proposal.
Ms Jackson said the consortium had expressed its support for core Qantas strategies, including:
• maintaining an extensive domestic and international airline network, using Qantas’ two-brand
(Qantas and Jetstar) strategy;
• continuing Qantas’ commitment to high quality product and service; and
• improving the company’s cost base to be globally competitive.
“If this acquisition is successful, Qantas will remain a majority Australian-owned, Australia-based airline,”
Ms Jackson said.
“The foreign-based Consortium members are experienced airline investors with a long-standing
association with the industry. The Consortium members have made it clear to us that they recognise the
immense value of the Qantas brand and intend to improve it and grow the business.”
“Qantas makes an enormous contribution to the Australian economy and community. It employs around
37,000 staff — 93 percent of them in Australia. It spends billions of dollars on goods and services from
local suppliers every year, carries a third of all international tourists to Australia and provides a broad
network linking metropolitan, regional and rural Australia to the world.
“If this bid succeeds, Qantas will continue to play a vital role as Australia’s national carrier.”
Ms Jackson said the Board’s formal response will be provided in a Target statement that is expected to
be mailed to all shareholders by early February 2007.
UBS, Carnegie, Wylie & Company and Allens Arthur Robinson are advising the Non-Executive Directors
of Qantas.
Issued by Qantas Corporate Communication (Q3512)
Media Enquiries: Belinda de Rome - Telephone 02 9691 3762
Summary of Implementation Deed
Page 1
Qantas Airways Limited ("Qantas") has entered into an Implementation Deed with Airline Partners
Australia Limited ("APA") and each of the bid consortium members dated 14 December 2006. The
consortium members are Macquarie Bank Limited, Texas Pacific Group, Allco Equity Partners
Limited, Allco Finance Group Limited and Onex Corporation (the "Consortium Members").
TAKEOVER BID
Under the Deed, APA has agreed to make a takeover offer for all of the Qantas shares on certain
agreed terms (the "Offer"). The consideration which APA is required to offer Qantas shareholders
is $5.60 cash per Qantas share.
BID CONDITIONS
The Deed sets out the conditions of the Offer which are summarised in the announcement released
today by APA.
Under the Deed, Qantas has agreed not to do (or omit to do) anything which will, or is likely to,
result in any of the Offer conditions being breached. However, this does not prevent Qantas or the
Qantas Directors from taking or refusing to take any action provided that the Qantas Directors have
determined, in good faith after having consulted with their external legal and financial advisers, that
failing to take, or failing to refuse to take, such action would or would be likely to constitute a
breach of the Qantas Directors' fiduciary or statutory obligations.
APA warrants that there is no act, omission, event or fact of which APA or any of its officers,
employees and advisers is aware (or which any of them ought reasonably to be aware as a result
of the due diligence conducted on Qantas) that would or is likely to result in one or more of the
Offer conditions being triggered.
EXCLUSIVITY
Under the Deed, Qantas has agreed, for a period commencing on the signing date until termination
of the Deed (the "Exclusivity Period"), that:
(a) it must not, and must ensure that none of its officers, employees and advisers do not,
directly or indirectly solicit, invite, facilitate or encourage any person, or communicate any
intention to do any of these things, with a view to obtaining any offer or proposal from any
person in relation to a competing proposal for Qantas;
(b) it must not, and must ensure that none of its officers, employees and advisers do not,
negotiate or enter into, continue or participate in negotiations or discussions with any other
person regarding a competing proposal, even if:
(i) that person’s competing proposal was not directly or indirectly solicited, initiated, or
encouraged by Qantas or any of its officers, employees or advisers; or
(ii) that person has publicly announced their competing proposal,
(the "No-Talk Restriction");
(c) Qantas must not without APA's prior written consent:
(i) solicit, invite, facilitate or encourage any party (other than APA or its officers,
employees and advisers) to undertake due diligence investigations on Qantas or
any of its related bodies corporate where to do so would involve a breach of
paragraph (a); or
(ii) make available to any person (other than to APA or its officers, employees and
advisers) or permit any such person to receive any non-public information relating
to Qantas or any of its related bodies corporate,
(the "No Due Diligence Restriction").
Page 2
The obligations in paragraphs (b) and (c) do not apply to the extent that they restrict Qantas or the
Qantas board from taking any action in respect of a bona fide competing proposal which was not
encouraged, solicited, invited, facilitated or initiated by Qantas in contravention of paragraph (a)
provided that the Qantas board has determined:
(i) that the competing proposal for Qantas is a 'superior proposal' (see definition below); or
(ii) in good faith and acting reasonably, that failing to respond to that competing proposal
would constitute a breach of the Qantas Directors' fiduciary or statutory obligations, after
receiving written advice to that effect from Qantas's external lawyers,
(the "Competing Proposal Exception").
NOTIFICATION OF OTHER APPROACHES
Under the Deed, Qantas has agreed that during the Exclusivity Period it will immediately inform
APA if it is approached by any person to engage in any activity that would breach the No Talk
Restriction or the No Due Diligence Restriction (or would breach those restrictions if it were not for
the Competing Proposal Exception), in which case Qantas must also keep APA reasonably
informed about the nature of any further or ongoing interaction with any such persons, but Qantas
will not be obliged to identify the relevant person to APA, or the details of the competing proposal,
unless:
(a) such competing proposal, or details of the relevant competing proposal, has been made
public; or
(b) the Competing Proposal Exception permits or requires Qantas to respond to the competing
proposal (in which case Qantas must identify the relevant person to APA, and the details of
the competing proposal).
DEFINITION OF 'SUPERIOR PROPOSAL'
Under the Deed, a 'superior proposal' means a bona fide competing proposal which the Qantas
Directors have determined, in good faith after consultation with their external legal and financial
advisers, is, or is reasonably likely to result in a proposal by the person making the competing
proposal that:
(a) is reasonably capable of being valued, taking into account all aspects of the competing
proposal or the proposal and the person making it;
(b) is reasonably capable of being completed on a timely basis and is no more conditional than
the Offer as at the time of announcement of the Offer; and
(c) is more favourable to Qantas shareholders (as a whole) than the Offer, taking into account
all the terms and conditions of the competing proposal or the proposal.
UNDERTAKINGS BY EACH CONSORTIUM MEMBER
Each Consortium Member will in their specified respective proportions (where such proportions
total 100%) procure that APA is immediately provided with sufficient funds for the due and punctual
performance of any of APA's obligations under the Deed.



Where's the passion gone out of the airline industry? The smell of jetfuel and the romance of taking a flight....
User currently offlineLumberton From United States of America, joined Jul 2005, 4708 posts, RR: 20
Reply 2, posted (7 years 8 months 2 weeks 11 hours ago) and read 11052 times:

There was another thread on this subject earlier. Did it get deleted? I can't find it. Appreciate a link if you have one.


"When all is said and done, more will be said than done".
User currently offlineQANTAS077 From Australia, joined Jan 2004, 5854 posts, RR: 40
Reply 3, posted (7 years 8 months 2 weeks 11 hours ago) and read 11025 times:

what happend to the thread which was started 3hrs ago?


a true friend is someone who sees the pain in your eyes, while everyone else believes the smile on your face.
User currently offlineLumberton From United States of America, joined Jul 2005, 4708 posts, RR: 20
Reply 4, posted (7 years 8 months 2 weeks 11 hours ago) and read 11016 times:

That's what I'm trying to find out. Mods? What happened to the thread?


"When all is said and done, more will be said than done".
User currently offlineAntares From Australia, joined Jun 2004, 1402 posts, RR: 39
Reply 5, posted (7 years 8 months 2 weeks 11 hours ago) and read 11009 times:

Well whatever doubts may exist at board level, it presented a unanimous endorsement of the revised offer (as it had to) in the ASX filing.

The real debate is now on, and needs to be further informed by the wider strategy that may be pursued by the consortium, who would have to be aware of other opportunities to get engaged in the sector in the Asia Pacific region.

The comments from the government so far are favourable. But this will go on for some weeks, so we need to be ready for other surprises, including a lot of turf protection by employees, industry stakeholders in tourism and travel retailing, and renewed attempts by Singapore Airlines to gain access to the trans Pacific routes.

I don't like this deal for the risks it poses to Qantas. But as always, I'm happy to be wrong if only good outcomes occur.


User currently offlineLufthansa From Christmas Island, joined May 1999, 3207 posts, RR: 10
Reply 6, posted (7 years 8 months 2 weeks 11 hours ago) and read 10979 times:

Quoting QANTAS077 (Reply 3):
what happend to the thread which was started 3hrs ago?

YES WHAT HAPPENED TO IT ?

I STARTED IT 3 HRS AGO AND THE INFORMATION HAS BEEN PROVEN CORRECT and within the formum rules!!!!

[Edited 2006-12-14 01:55:05]

User currently offlinePilotdude09 From Australia, joined May 2005, 1777 posts, RR: 4
Reply 7, posted (7 years 8 months 2 weeks 11 hours ago) and read 10918 times:

Quoting Jetfuel (Reply 1):
Mr Geoff Dixon would continue as Chief Executive

Bugger, hoping they might have got rid of him and bought in someone who actually cares about the airline, now he cant use the excuse "we need to make a profit for our shareholders".



Qantas, Still calling Australia Home.........
User currently offlineANCFlyer From , joined Dec 1969, posts, RR:
Reply 8, posted (7 years 8 months 2 weeks 10 hours ago) and read 10862 times:

Quoting Lufthansa (Reply 6):

First, you can stop yelling.

Second, check your e-mail, if you've provided an accurate address to Airliners.net your answer is there.


User currently offlineLumberton From United States of America, joined Jul 2005, 4708 posts, RR: 20
Reply 9, posted (7 years 8 months 2 weeks 10 hours ago) and read 10849 times:

Quoting ANCFlyer (Reply 8):
Second, check your e-mail, if you've provided an accurate address to Airliners.net your answer is there.

Can the rest of us get a response? What happened to the thread? I left for a few hours and returned to find it ... well, "missing"?



"When all is said and done, more will be said than done".
User currently offlineStealthZ From Australia, joined Feb 2005, 5689 posts, RR: 44
Reply 10, posted (7 years 8 months 2 weeks 10 hours ago) and read 10727 times:
Support Airliners.net - become a First Class Member!

Quoting Pilotdude09 (Reply 7):
now he cant use the excuse "we need to make a profit for our shareholders".

Well yes he can, the airline, or whatever it morphs into over time, still has shareholders.
The shares may not be publicly traded but there are still entities that hold a stake in the company and they will expect profits. Damn sure they did not start this process because of their love of aviation!
Those entities also have share holders who will expect a profit on their investment.
Indeed the short term profit imperative may be an even higher priority than it has been todate.

Cheers



If your camera sends text messages, that could explain why your photos are rubbish!
User currently offlineLumberton From United States of America, joined Jul 2005, 4708 posts, RR: 20
Reply 11, posted (7 years 8 months 2 weeks 10 hours ago) and read 10681 times:

Well, no answer from the mods on restoring the previous thread, so let's bring this subject back to life, shall we? Here's an interesting take on the whole subject from "The Age":
Qantas hails momentous occasion

Quote:
antas chairman Margaret Jackson has described it as a momentous day after the airline accepted a takeover bid from an international consortium.

"Today is a very momentous and exciting day for Qantas," Ms Jackson said.

"Last night the board received a compelling offer from Airline Partners Australia (the consortium).

"It is an offer that my colleagues and I recommend unanimously to shareholders.

"The offer of $5.60 per share allows shareholders to realise value for their shares that has not been fully recognised in the public market."

Ms Jackson said Qantas was not just its shareholders but also about its staff and the communities in which the airline operated.

Well, I guess that if I stood to gain by this transaction, I'd hail it as a "momentous" day as well! I suspect that others may differ in their opinion. Frankly, I will be keenly interested in the subsequent politics being played out here--as well as public opinion. Will this be a "hard sell" to the Australian public? In the U.S. we hardly notice M&A activity anymore, but Qantas is more than just a mere company in the eyes of may Australians. This will likely get emotional.

(Apologies if I'm covering ground that was discussed in the deleted thread. I wasn't able to read it. After all, it was deleted....)



"When all is said and done, more will be said than done".
User currently offlineSenliture From Australia, joined May 2000, 431 posts, RR: 0
Reply 12, posted (7 years 8 months 2 weeks 10 hours ago) and read 10649 times:

Mixed feeling. I am happy because I now have a confirmation about the value of shares are indeed much higher than the normal $3 to $4. I bought some shares few years back and it was $3 and I said QANTAS should always be around $5, then SARS, then high petrol price, and now finally $5.6. But the sad thing is, I will no longer be able to own QANTAS shares, it is all private now.

User currently offlineAntares From Australia, joined Jun 2004, 1402 posts, RR: 39
Reply 13, posted (7 years 8 months 2 weeks 10 hours ago) and read 10577 times:

Should the deal take place and the betting today would be that it will, Qantas will disappear from the scrutiny of a publicly listed company and many questions that its management has to answer currently will not necessarily require an answer in the near future.

Antares


User currently offlineBill142 From Australia, joined Aug 2004, 8442 posts, RR: 8
Reply 14, posted (7 years 8 months 2 weeks 10 hours ago) and read 10538 times:

I should have bought some Qantas shares when the rumors started. The price has gained 33% since the rumors began (to the agreed sale price) and 61% compared to the weighted index average. The big question is what will happen in the future. Texas Pacific don't have a great repuation for improving the service of a service companies they have bought. Personally the consortium members should keep their finger out and let the management team run it how they see fit.

Quoting Lumberton (Reply 11):
I agree with Lufthansa here. The thread should be restored. If there is that much sensitivity, edit the title. The buyout is being reported all throughout the world press. It's r-e-a-l news. Restore the thread....

The thread has been deleted. Build a bridge and get over it.

Quoting Lufthansa (Reply 10):
The previous title was "Qantas takenover",

Not exactly descriptive. Taken over by what exactly? Terrorists? Man Eating Bees? Lurh from Omicron Persi 8?


User currently offlineMilesDependent From Australia, joined Sep 2001, 856 posts, RR: 0
Reply 15, posted (7 years 8 months 2 weeks 9 hours ago) and read 10492 times:

SOLD?

I would have thought it would go to an extraordinary general meeting of shareholders, and the shareholders will vote. The Directors will recommend that the deal goes through, but it has not gone through until after the vote. That is what I would have thought.


User currently offlineAustralia1 From , joined Dec 1969, posts, RR:
Reply 16, posted (7 years 8 months 2 weeks 9 hours ago) and read 10457 times:

now effectively under US control, the big red rat will play into DJ's hands.

Expect massive union action, like the strikes of old, over Xmas & Easter holidays, as massive staff shedding begins, as soon as new owners take over.

For this reason alone, book DJ domestically. It might get DJ moving & make them fast track their services to the U.S.

Michael.


User currently offlineAntskip From Australia, joined Jan 2006, 927 posts, RR: 6
Reply 17, posted (7 years 8 months 2 weeks 9 hours ago) and read 10447 times:

Quoting Bill142 (Reply 17):
The big question is what will happen in the future

Upside is QF will expand its routes dramatically with the massive injection of funds. Downside is that it will be much more vulnerable to fluctuations in fortune: debt ratio will go from 45% to 75-80%, which means QF is based more on mud now rather than rock. QF will continue to make money on the goodwill built up over decades as a National airline. When the time is right for its new owners, whoever they may be, the brand could well change completely, and QF will be no more. Just give them a few years...


User currently offlineUsnseallt82 From United States of America, joined Jan 2004, 4891 posts, RR: 52
Reply 18, posted (7 years 8 months 2 weeks 9 hours ago) and read 10434 times:

Quoting Lufthansa (Reply 6):
I STARTED AND Irtysh-Avia (Kazakhstan)">IT 3 HRS AGO AND THE INFORMATION HAS BEEN PROVEN CORRECT and within the formum rules!!!!



Quoting Lufthansa (Reply 10):
But regardless, it was 100% within the rules.

If it is the thread I'm thinking of, then it needed to be deleted.  checkmark 

It had a vague title Qantas Announcement or something like that and then the link provided said nothing of the announcement. The thread starter message was just something along the lines of, "check this out at 1048."

If that's the thread you guys are talking about, then it definitely needed to be deleted.

However.....chill out. No worries here. You guys have a good one going here with FAR more detail.  yes 

Quoting Lufthansa (Reply 10):
KROC was the moderator who removed it. And I believe did so on highly questionable grounds.

Don't blame him, I'm the one who suggested the deletion. IF it is the same thread I'm thinking of, then my reasons are listed above.

Once again, though....no worries.  Big grin You guys have a good discussion here and no mods are doing anything under questionable conditions.



Crye me a river
User currently offlineQANTAS077 From Australia, joined Jan 2004, 5854 posts, RR: 40
Reply 19, posted (7 years 8 months 2 weeks 9 hours ago) and read 10379 times:

Quoting Australia1 (Reply 19):
now effectively under US control, the big red rat will play into DJ's hands.

the largest investor Allco Equity & Allco Finance is an Australian company...they have 35% of the stock and the largest voting right. I doubt much will change with the company in a negative way, infact, things should get better with the injection of equity.

http://www.asx.com.au/asx/research/C...rincipalActivity=&industryGroup=NO



a true friend is someone who sees the pain in your eyes, while everyone else believes the smile on your face.
User currently offlineUSAF336TFS From United States of America, joined Apr 2005, 1445 posts, RR: 52
Reply 20, posted (7 years 8 months 2 weeks 9 hours ago) and read 10331 times:

Quoting Australia1 (Reply 19):
now effectively under US control, the big red rat will play into DJ's hands.

In actually Texas Pacific Group (Representative of us American "red rats") AND Onex (Canadian) control less then 40% of the company. Therefore it would be much more accurate to label it as "North American control... blah,blah,blah"
The majority 60% remains firmly in Australian hands, as it should be IMHO.

[Edited 2006-12-14 03:58:32]


336th Tactical Fighter Squadron, 4th Fighter Wing, Seymour Johnson AFB
User currently offlineAustralia1 From , joined Dec 1969, posts, RR:
Reply 21, posted (7 years 8 months 2 weeks 9 hours ago) and read 10305 times:

Quoting QANTAS077 (Reply 22):
the largest investor Allco Equity & Allco Finance is an Australian company...they have 35% of the stock and the largest voting right. I doubt much will change with the company in a negative way, infact, things should get better with the injection of equity.



Quoting USAF336TFS (Reply 23):
In actually Texas Pacific Group (Representative of us American "red rats") AND Onex (Canadian) control less then 40% of the company. Therefore it would be much more accurate to label it as "North American control... blah,blah,blah"
The majority 60% remains firmly in Australian hands, as it should be IMHO.

you don't spend $11B to not get effective control. Who are the Australians? Mac bank? they'd sell their mother if there was a cent in it for them !!!


User currently offlineUsnseallt82 From United States of America, joined Jan 2004, 4891 posts, RR: 52
Reply 22, posted (7 years 8 months 2 weeks 9 hours ago) and read 10290 times:

Quoting Australia1 (Reply 24):
they'd sell their mother if there was a cent in it for them !!!

How much you asking?  Big grin



Crye me a river
User currently offlineUSAF336TFS From United States of America, joined Apr 2005, 1445 posts, RR: 52
Reply 23, posted (7 years 8 months 2 weeks 9 hours ago) and read 10421 times:

Quoting Australia1 (Reply 24):
you don't spend $11B to not get effective control. Who are the Australians? Mac bank? they'd sell their mother if there was a cent in it for them !!!

You sound a bit excited. Careful, we don't want to start searching for the heart medication, now.  Smile

On the face of it, it appears to me that with all movement in the airline business globally, the Bank and it's partners are trying to protect Australian interests.

The minority owners appear to want to invest in a very stable Australian airline, with alot of growth ahead of it.



336th Tactical Fighter Squadron, 4th Fighter Wing, Seymour Johnson AFB
User currently offlineQANTAS077 From Australia, joined Jan 2004, 5854 posts, RR: 40
Reply 24, posted (7 years 8 months 2 weeks 8 hours ago) and read 10392 times:

Quoting Australia1 (Reply 24):
Who are the Australians? Mac bank

Allco and Mac bank..do i need to make it any clearer for you? Allco is the largest investor and Australian owned and has a 46% voting interest. the foreign investors only have a 39% voting interest.

the other 15% voting interest is Macquarie banks. it's a bit hard to have effective control if you only have 39% of the voting interest.



a true friend is someone who sees the pain in your eyes, while everyone else believes the smile on your face.
25 Gemuser : That was my thread, and ANCFlyer deleted it because he did not read it properly and neither did you! If you had followed the link and clicked on 10:5
26 ANCFlyer : Well, I read the six words you had on the post and I checked the link. I didn't have a problem with the six words . . . those were easy. And the link
27 Antares : Golly, there are some trusting souls here. Qantas has just had a big injection of debt. It will if the government approves and then the current shareh
28 Post contains images Usnseallt82 : I read it properly....it only had like 3 words to it. ANC hit my point....no need for me to restate it... Like I said man, no worries. You posted a t
29 Australia1 : so true !!! Some of you others need to take a sip of reality. QF will be broken up, 1000's will loose their jobs & be offered employment on contract
30 Curmudgeon : He wasn't calling Americans "red rats", that's one of QF's nicknames (beats me, because its a white rat on a red tail) Foreign control is limited by
31 AirEMS : I have a question. What exactly does this mean for Qantas? is this a good thing or a bad thing? Please don't flame me! -Carl
32 Australia1 : SHORT TERM - very bad news. QF will be broken up & 1000's will lose their overpaid jobs & a few will be reoffered same jobs on a contract at Virgin B
33 HKGKaiTak : Black day for QF indeed, bankers are never up to any good when they smell an asset they can squeeze money out of. When we revisit this thread (and the
34 Jasond : As always Antares, the voice of reason. As far as I am concerned Qantas has been effectivily de-valued in the eyes of many today and I don't just mea
35 Australia1 : DJ could make a big deal in the media about now being the only major majority owned & controlled Australian airline !!! It's all about perception. oh
36 Ken777 : With 90% shareholder approval required the deal isn't done yet. I would anticipate that there will be a rather battle before a vote and wouldn't be su
37 Post contains images Antskip : QF's colours are a hangover from the old British colonial mentality of Howards' era - the '50's - red and white. They have never bothered to update t
38 Post contains images B787 : Oh man... so sad. I have to vent... Yes there goes the Qantas Group as we know. This is classic Private Equity firms doing what they pay themselves mi
39 VHXLR8 : Hmmmm, and Qantas hasn't previously taken to shedding staff?? Not to mention other resources, as well as huge wastage in areas of middle and upper ma
40 EK413 : An Australian Icon gone! Dickson you DICK! Let's see how it take for a repeat of Ansett to occur.. Fantastic NEWS! EK413
41 Post contains links Baroque : Yes, well I can see that Dixon and co's efforts are being hailed quite generally in a thoroughly appropriate fashion, so I will just say I agree. You
42 Malc : Doesnt the fedreal govt hold 51% of QF shares and thus only 49% is up for sale?
43 Post contains links Gbb777 : Swift reaction by SIA Singapore Air, the world's second-largest carrier by market value, climbed 30 cents, or 1.8 percent, to S$16.70, the highest sin
44 ANstar : Actually the title was misleading. Qantas was not "taken over" it was "sepculation" at the time of the thread starting and infact for many hours afte
45 Post contains images Lumberton : Somewhat like US & Delta?
46 Jetfuel : No public scrutiny and yes this is a REAL worry. Qantas has been successful for many years because of the sacred protection afforded. Being miles awa
47 Lumberton : I'm certainly not laughing, but maybe you should substitute "Emirates" for "Continental"? After all, couldn't they could be one of the big winners he
48 KROC : Thank You. So apparently I wasn't just seeing things. The original thread was deleted and the user in question has received an email with detailed re
49 BNE : The takeover cannnot be good for Qantas. The new owners can only see how much profit Qantas is currently making, and Qantas board accepts the offer wh
50 Jetfuel : This new sweetened $11.1 billion Australian ($8.7 billion US) buyout from Macquarie Bank Ltd. and Texas Pacific Group, means this deal IS THE world's
51 ANstar : And QF won't have either once they are finished with them!
52 Australia1 : Qantas to change name to QantUS to reflect new owners & also to get rid of the red rat on the tail & put on the texan flag. What a joke? This airline
53 USAF336TFS : From the Houston Chronicle: Fair Use: Dec. 13, 2006, 11:48PM Qantas Accepts $8.64B Takeover Offer By MERAIAH FOLEY Associated Press Writer © 2006 The
54 Baroque : I still think it is immoral (and should be illegal) for directors to sit in judgement on an offer where some of them directly benefit in a way that o
55 TSV : Yes there was an article years ago about her part on the Boards in some of the real business messes in the recent past. You only have to look at the
56 Post contains images Lostmoon744 : What will this mean for the Qantas product itself? Do we anticipate any changes in terms of passenger service and amenities? Are pay scales going to
57 Pilotdude09 : Its the cheap Indian labour, the websites been down for almost 6 hours. So this is not sounding good for QF and its employees and passengers, we shou
58 Baroque : Me thoughts exactly, had I been able to place them in such precise terms! Thanks, I thought I had gone mad, as it all coincided with an Email from th
59 YOWza : So I guess all those people that were harping on about QF never leaving Aussie hands were wrong. Now here's my question. Now that QF is no longer 100%
60 SeattleFlyer : This may not be too far off. Just trying to do a little on-line research - please correct me if I'm wroing - APA part owned by Texas Pacific Group pa
61 Post contains links Jetfuel : I have had a quick glance at the QANTAS SALE ACT 1992 http://legislation.gov.au/ComLaw/Leg...s/5B24EE23BBACD385CA256F720017E9E6 However can't find an
62 Jetfuel : Sorry to keep posting but my brain is churning over this - OK QANTAS TOTAL CURRENT ASSETS $5,052,800 ,000 CURRENT LIABILITIES $5,429,700,000 Book Valu
63 Robsawatsky : Well, maybe some of us non-Australians don't know what the spirit was. AFAIK, QANTAS much like AC was put into non-government hands with conditions a
64 Antares : Someone above thinks the new owners are talking about an additional $10 billion capex programme. Wrong. They are talking about what used to be describ
65 Post contains images Lumberton : Seems we have a disagreement! I think at this point, a "wait and see" attitude is probably indicated. From what I've read so far, this is going to be
66 QANTAS077 : Qantas hasn't been 100% Australian owned for many years, you ever heard of British Airways? and it's still being protected by the govt, they'll have
67 QFA380 : I sure as hell hope they stop this although from what John Howard said yesterday, it doesn't look like they will......
68 Lostturttle : Must say, I never saw this one coming. What with all the North American merger rumors going on, I guess I forgot about the other side of the world. Al
69 AJ : Could you please give me a break down of foreign ownership in Qantas today compared with foreign ownership after the takeover is finalised?
70 Antares : AJ, Not as easy to answer as it should be. The situation last time Qantas reported it was something like 48 % of stock was held by foreign domiciled s
71 Lufthansa : Amen to that! Spot on old chap!
72 AJ : Thank you very much Antares, I must confess to being a little tongue in cheek directed at Australia1 after that outrageous statement.
73 TSV : By implication this is ONE owner. Which surely breaches the intent of :
74 SNfreak : I'm curious, Brussels Airport is of the same group. Could we see a Qantas flight or a new codeshare to australia ?? They've been succesful in bringing
75 Post contains links HKGKaiTak : And now the ACCC is throwing its hat into the ring ... but I can't really see what it can do. Make Macquarie sell its stake in the airports? Make QF p
76 EK413 : Jetfuel "mortgage them to the max to pay for the shares they will buy out, leaving QF not much better off than poor old Ansett. The only winners here
77 Australia1 : there's foreign ownership & ownership by Australians, who do what foreign interests want (maybe they've bene financed indirectly by foreign interests
78 QANTAS077 : in other words you have no clue...Allco is investing $300 million of it's own cash & $600 million in PRREI. the voting majority is Australian, 61% st
79 Australia1 : u seem to be very naive. You don't go thru this whole exercise to not have control. You don't have to own 50.1% off shares to have effective control.
80 QANTAS077 : i'm well aware of your stance and i'm well aware of the economic makeup and voting rights of this deal, it's not a matter naivety at all, i'm just no
81 Antares : I think you both make some very good points. But while I think the deal is bad for the future of Qantas,per se, the rigorous examination of its struct
82 Curmudgeon : You seem to think that foreigner=bad, Australian=good. Have you no appreciation for what bastards we grow right here at home? Why do you think that c
83 Baroque : There is an old saying, "but they are our bastards" which seems appropriate here. The less companies are moved out of our purview, the better. Look a
84 Baroque : Just seen some more pictures of the dramatis personae. On further reflection, NEITHER smirk nor BEATIFIC seems enough to describe their collectives lo
85 Lumberton : Your description seems to be pointing to "blissful"....
86 Post contains links Baroque : One of the Mitfords (I think) had a phrase in one of her novels of "utter utter blissikins" and that might be close! (As I recall, it was pronounced
87 Post contains links TristarSteve : I saw on CNN that BAs last CE Rod Eddington is part of Allco The airline will be 27-percent owned by Allco Equity Partners, with Texas Pacific Group o
88 NAV20 : Good point........ Our evening TV news had our esteemed Treasurer, Peter Costello, saying that the deal would be referred to the Foreign Investment R
89 Curmudgeon : Well, Nav20, I shall be enrolling in the ALP on Monday, and dropping by Costello's office to explain why I as a life-long Liberal voter shall be aggre
90 Jetfuel : I think it's harder for our friends in the USA to understand the passion Australian's have for Qantas. The USA has never only had one primary airline
91 Post contains links and images NAV20 : I tend not to take sides much these days, Curmudgeon. Whichever way you vote, a mob of politicians usually seems to finish up in charge. Not entirely
92 Curmudgeon : Yeah, fat chance of any of that happening. The new owners have a stated goal of 20% per year returns. The only way that can happen is if the profit eq
93 Baroque : I like Curmudgeon's spirit but I share Nav's doubts, still it might help. Re Howard, I am trying to work out the Nav thought track. Howard is on reco
94 Curmudgeon : Batwoman? Really? Every time I see her I think of Woody Woodpecker, but perhaps I have been watching too many cartoons lately.
95 TSV : Will the Qantas takeover damage the airline? YES 50342 NO 13065
96 Post contains links Jetfuel : http://www.news.com.au/couriermail/s...ory/0,23739,20944544-29277,00.html QANTAS pilots may attempt to block the $11 billion planned sale of the airli
97 Curmudgeon : Another brilliant industrial tactic from pilots. The QF pilot group is very near being able to use strike action to force their views, yet opt for th
98 Australia1 : What a dumb question !!! It makes you think who were the 13065 idiots who voted no ? DJ can make a huge thing of this & pick up QF pax. DJ is becomin
99 Post contains links NAV20 : Looks like Costello has now been fully briefed on how the bid is apparently offering far more than the airline is worth, taking into account its accum
100 Curmudgeon : I wonder how all of this is going to pan out? The Liberals have got a real problem in that the new owners are going to need fast results, and may try
101 QANTAS077 : everything seems idiotic to you..get off the scaremongering bullshit, it's tiring already. who are you to call those 13000 idiots? if you're so in th
102 Jetfuel : Does anybody remember the horrific dispute of 1989 when many pilots lost their jobs? I sense a real worry in what is developing with Jetstar, another
103 Post contains links QANTAS077 : Qantas CEO Responds to Misleading Reports Latest News Sydney, 20 December 2006 The Chief Executive Officer of Qantas Airways, Mr Geoff Dixon, said tod
104 Post contains links Antskip : Mr Dixon, who is being well paid for his part in the planned buy-out, can say what he likes, but indications are the power behind the Australian thro
105 QANTAS077 : ^ nothing new in those articles, Qantas has been Sydneycentric for alot longer then this 11$bil deal, so the govt should open up the skies even furthe
106 Antares : It is interesting that Dixon is setting up and knocking down straw men and saying SFA about debt, the quality of service, the continued downgrading of
107 Australia1 : Get over it, it's a done deal. These guys are just going thru the motions to satisfy the silly public. QF hardly an icon. It was govt owned airline.
108 Antskip : Yep. QF has another similar "icon" that has a a goodwill problem: Telstra. Another was the Commonwealth Bank. Costello senses the public mood - many
109 Australia1 : Wonder if the SYD-centric philosophy of current QF will change when Americans take over in March ?
110 Jacobin777 : It's still QF's biggest fortress, I don't see that philosophy changing right now....maybe when they get their 100+ 787's, that will change...given th
111 Australia1 : yeh there's going tro me some major chnages with the new American owners. Unions will cause some problems though, as QF still very VERY fat.
112 Antares : Jacobin777, Forget the extra 787s or anything else not firmly ordered, which I think means 45 787s or enough to replace the 767s plus a bit. Where man
113 Australia1 : it's over now, done deal. All the posturing is just going thru the motions.
114 Robsawatsky : So why do I keep reading about "American owners" when the voting shares are still controlled by Australian interests and the single largest US shareho
115 Post contains images Jacobin777 : Antares, In a strange way, I think this is exactly what QF needs....this might be a way to get around a lot the unions(read:higher costs)..QF is a pro
116 Antares : Jacobin777, The competitors doing the most damage to Qantas internationally are debt free. A Qantas which is geared to the levels openly proposed by t
117 Post contains images Jacobin777 : Having debt isn't necassarily a bad thing. CO was part of a LBO, and its done quite well the past 10-15 years..even after all which has happened in U
118 Antskip : indications are that their interest is more in expanding JQ than QF. increasing debt ratio is fine, as long as things are going well. problems will b
119 Post contains images Jacobin777 : I've read that a lot of the debt offering will be in the United States where there seems to be a large apetite for debt purchases...whether this "shi
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