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Qantas Buy-Out Fails  
User currently offlinePeh From Australia, joined Nov 2006, 340 posts, RR: 0
Posted (7 years 2 months 3 weeks 5 days 11 hours ago) and read 3742 times:

The Australian media has just begun reporting that the proposed buy-out of Qantas has failed.

http://www.smh.com.au/news/business/...ails/2007/05/04/1177788399360.html

This is one Airliners poster who'll sleep well tonight!

Surely this means that Dixon and the rest of the Board needs to step aside? They've lost a lot of credibility over the past few months.

[Edited 2007-05-04 13:21:29]


Flown: ATR72, DASH 8, 737, 747, 767, 777, A300, A320, A321, A330, A340, MD80
54 replies: All unread, showing first 25:
 
User currently offlineANstar From United Kingdom, joined Nov 2003, 5167 posts, RR: 6
Reply 1, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3716 times:

 Smile  Big grin  Silly  Cool
Great news!


User currently offlineQFFan From Australia, joined Dec 2006, 19 posts, RR: 0
Reply 2, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3691 times:

It will be interesting to see what will happen to the upper ecehlons of the management team. There will definately be a major clean out of the board including Jackson.

I tend to think that Dixon will keep his job in the short term, given that he has steered the company to 3 recent profit upgrades.

I will be keeping a close eye on the share price come 10:00am Monday morning AEST.


User currently offlineANstar From United Kingdom, joined Nov 2003, 5167 posts, RR: 6
Reply 3, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3638 times:

Quoting QFFan (Reply 2):
It will be interesting to see what will happen to the upper ecehlons of the management team. There will definately be a major clean out of the board including Jackson.

I tend to think that Dixon will keep his job in the short term, given that he has steered the company to 3 recent profit upgrades.

Jackson will be out of there. I reckon she will be the scape goat and Dixon will hold on for another 12 months and then retire.

I presume Greigg or Joyce will take over when darth retires??


User currently offlineMelpax From Australia, joined Apr 2005, 1590 posts, RR: 1
Reply 4, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3632 times:

Quoting ANstar (Reply 1):
Great news!

Agreed!

Hopefully there will be a cleanout at the top levels in QF.



Essendon - Whatever it takes......
User currently offlineVHVXB From Australia, joined Apr 2006, 5523 posts, RR: 18
Reply 5, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3609 times:

Quoting ANstar (Reply 3):
presume Greigg

I thought he was going as well


User currently offlineQFFan From Australia, joined Dec 2006, 19 posts, RR: 0
Reply 6, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3589 times:

Quoting ANstar (Reply 3):
I presume Greigg or Joyce will take over when darth retires??

Yeah I reckon it will be Joyce. I remember reading an article that if he could turn Jetstar into a profit centre to QF he could start sizing up Dixon's desk.

Just want to hope Dixon hadnt started spending his takeover bonus  Wow! wouldn't want to have to pay that back


User currently offlineQANTAS077 From Australia, joined Jan 2004, 5850 posts, RR: 40
Reply 7, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3576 times:

as a shareholder who voted yes and had 2nd thoughts and voted no last week I'm glad it fell over...it had no choice but to fail, I can survive without the small gain! but I do think Dixon should remain as the man in charge of QF.

[Edited 2007-05-04 14:00:01]


a true friend is someone who sees the pain in your eyes, while everyone else believes the smile on your face.
User currently offlineZkpilot From New Zealand, joined Mar 2006, 4805 posts, RR: 9
Reply 8, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3485 times:

Quoting Peh (Thread starter):
The Australian media has just begun reporting that the proposed buy-out of Qantas has failed.

http://www.smh.com.au/news/business/...ails/2007/05/04/1177788399360.html

This is one Airliners poster who'll sleep well tonight!

Surely this means that Dixon and the rest of the Board needs to step aside? They've lost a lot of credibility over the past few months.

Well if its true then I've been right all along in thinking a) it was a bad idea, and b) it won't succeed.

Margaret Jackson most definantly has egg on her face after being greedy. She might as well resign first thing Monday morning rather than dragging it out. I would expect Geoff Dixon to stay on until a successor is found but for him to also resign as soon as practicable.

There is no way that buying an airline up using loans to be loaded onto the airline itself to the tune of $4 billion would ever be a good thing for that airline. Qantas is an Australian icon and it would be a shame if that had happened as it would almost certainly result in the airline almost destroying itself. This is something that Qantas would not ever recover from with such strong and deep pocketed competitors as EK, SQ etc etc.



56 types. 38 countries. 24 airlines.
User currently offlineSBN580 From United States of America, joined Mar 2005, 401 posts, RR: 3
Reply 9, posted (7 years 2 months 3 weeks 5 days 10 hours ago) and read 3485 times:

This quote from the article really seems like APA has the same public relations writers as US Airways and AirTran here in the states.


North Central: Good People Made Their Airline Great! FLY MD-90 POWER! Keep 'em Flying DELTA Family!
User currently offlineANstar From United Kingdom, joined Nov 2003, 5167 posts, RR: 6
Reply 10, posted (7 years 2 months 3 weeks 5 days 9 hours ago) and read 3400 times:

from SMH
Qantas chief executive Geoff Dixon has declined to offer his resignation, saying it was up to the board. As for his fellow executives Mr Dixon told smh.com.au: "The management team are all individuals. They can make make any decision on where they could go.''

Emergency meeting

The Qantas board will hold an emergency meeting tomorrow. Qantas chairwoman Margaret Jackson is expected to come under intense pressure to quit, given her strong endorsement of the private equity bid.

Shareholders such as Balance Equity Management and UBS Global Asset Management which rejected the offer, believed Ms Jackson and her board caved in too easily to the APA a share offer.

http://www.smh.com.au/news/business/...ails/2007/05/04/1177788399360.html


User currently offlinePeh From Australia, joined Nov 2006, 340 posts, RR: 0
Reply 11, posted (7 years 2 months 3 weeks 5 days 9 hours ago) and read 3400 times:

Quoting SBN580 (Reply 9):
This quote from the article really seems like APA has the same public relations writers as US Airways and AirTran here in the states.

Yeah, it's hot off the desk of BS Krap and Associates. Do they really think anyone buys this stuff?



Flown: ATR72, DASH 8, 737, 747, 767, 777, A300, A320, A321, A330, A340, MD80
User currently offlineBaroque From Australia, joined Apr 2006, 15380 posts, RR: 59
Reply 12, posted (7 years 2 months 3 weeks 5 days 9 hours ago) and read 3375 times:

Quoting QFFan (Reply 2):
I tend to think that Dixon will keep his job in the short term, given that he has steered the company to 3 recent profit upgrades.

He might like to front up to a suitable group of shareholders to negotiate a new AWA, preferably on Sunday before Howard's latest changes take effect, as they might apply in this new world that has just dawned.

I wonder what the next excitement will be in the saga that bids fair to match Ethel the Aardvark goes quantity surveying.


User currently offlineCurmudgeon From Australia, joined Oct 2006, 695 posts, RR: 22
Reply 13, posted (7 years 2 months 3 weeks 5 days 9 hours ago) and read 3289 times:

Tonight I shall sleep the sleep of the just. I am so surprised and delighted that this bid has failed, and with it the board and senior executives (soon, very soon). Couldn't have happened to a nicer company.


Jets are for kids
User currently offlineBaroque From Australia, joined Apr 2006, 15380 posts, RR: 59
Reply 14, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3269 times:

Quoting Curmudgeon (Reply 13):
Couldn't have happened to a nicer company.

Wipe that smile off your keyboard my dear Curmudgeonly perbody!!  Smile  Smile


User currently offlineBNE From Australia, joined Mar 2000, 3173 posts, RR: 12
Reply 15, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3259 times:

Not surprised the bid failed. In the short term I am sure the Qantas share price will go down.


Why fly non stop when you can connect
User currently offlineSBN580 From United States of America, joined Mar 2005, 401 posts, RR: 3
Reply 16, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3259 times:

Quoting Baroque (Reply 12):
I wonder what the next excitement will be in the saga that bids fair to match Ethel the Aardvark goes quantity surveying.

Oooh, that's one of my favorite stories. Well spoken Bruce!  laughing 



North Central: Good People Made Their Airline Great! FLY MD-90 POWER! Keep 'em Flying DELTA Family!
User currently offlineBaroque From Australia, joined Apr 2006, 15380 posts, RR: 59
Reply 17, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3241 times:

Quoting SBN580 (Reply 16):
Oooh, that's one of my favorite stories. Well spoken Bruce!

G'day Bruce!


User currently offlineStealthZ From Australia, joined Feb 2005, 5678 posts, RR: 45
Reply 18, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3241 times:
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Whilst I tend to agree with those taking some glee from this outcome..
I think it was almost a forgone conclusion at the price.
The increase in value of the ASX since the bid was announced... the increase in airline stocks, just a tad under valued.

Doubt we have seen the last of this story!



If your camera sends text messages, that could explain why your photos are rubbish!
User currently offlineSBN580 From United States of America, joined Mar 2005, 401 posts, RR: 3
Reply 19, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3234 times:

G'day Bruce! Howls of derisive laughter Bruce. Rule one on Qantas, no pouftas!


North Central: Good People Made Their Airline Great! FLY MD-90 POWER! Keep 'em Flying DELTA Family!
User currently offlineCurmudgeon From Australia, joined Oct 2006, 695 posts, RR: 22
Reply 20, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3210 times:

Quoting Baroque (Reply 14):
Wipe that smile off your keyboard my dear Curmudgeonly perbody!!

I can't, Baroque. The glass of Laphroaig is going down especially well tonight. If I were with like minded souls it would be my shout for the bubbly. 

Quoting BNE (Reply 15):
Not surprised the bid failed. In the short term I am sure the Qantas share price will go down.

Yes, I agree, and expect to see $4.80-$4.95 quoted on Monday. I certainly hope that the market eventually realises that the company is worth $5.50 in good hands. (Although I have been saying $6.00 for a couple of years now).

Ahead will come the expected departure of the board, followed by Dixon and Gregg later in the year. Having a person with a less callow and craven vision at the helm will be a tonic for QF. I hope that the new board can sit quickly and act with dispatch. Time to get on with being an airline again rather than merely a token on a gaming table.

Cur...

[Edited 2007-05-04 15:45:31]

[Edited 2007-05-04 15:45:58]


Jets are for kids
User currently offlineZeke From Hong Kong, joined Dec 2006, 8864 posts, RR: 75
Reply 21, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3207 times:

Quoting ANstar (Reply 10):
Shareholders such as Balance Equity Management and UBS Global Asset Management which rejected the offer, believed Ms Jackson and her board caved in too easily to the APA a share offer.

On TV in Asia one of the industry analysis said that SQ and CI were interested in purchasing QF from APA...... would have put the cat amongst the pigeons.



We are addicted to our thoughts. We cannot change anything if we cannot change our thinking – Santosh Kalwar
User currently offlineFlyboysp From Australia, joined Apr 2007, 739 posts, RR: 0
Reply 22, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3190 times:

This is a result a majority of A netters and probably a majority of Aussies had hoped for. As for the board, i expect/want Jackson to get her marching orders or resign. I'm thinking she'll be out somewhere from a few days to a few weeks with a real BS excuse , depending on how much QANTAS start trading at on Monday. As for Dixon, i think he will leave at a time that suits him  Sad , which hopefully wont be long  Smile


#proudtobeabulldog
User currently offlineANother From , joined Dec 1969, posts, RR:
Reply 23, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3147 times:

Quoting Zeke (Reply 21):

On TV in Asia one of the industry analysis said that SQ and CI were interested in purchasing QF from APA...... would have put the cat amongst the pigeons.

Don't forget Qantas would have to remaine Australian owned and controlled to exercise Australian traffic rights. SQ and CI could have bought a piece of QF, but not more than 49%.

The media just doesn't seem to get this fairly straight-forward rule.

edit:typo

[Edited 2007-05-04 16:03:18]

User currently offlineRevelation From United States of America, joined Feb 2005, 12339 posts, RR: 25
Reply 24, posted (7 years 2 months 3 weeks 5 days 8 hours ago) and read 3121 times:

Quoting ANstar (Reply 10):
The Qantas board will hold an emergency meeting tomorrow. Qantas chairwoman Margaret Jackson is expected to come under intense pressure to quit, given her strong endorsement of the private equity bid.

Somehow methinks the lovey will end up with some sort of golden parachute to cushion her landing: the executive class types take care of their own, even when they screw up royally.



Inspiration, move me brightly!
25 Post contains images Asturias : Good news I hope this bodes well for a free and independent Qantas for a long time to come. I would have expected a merger with one of the Asian airli
26 Zeke : Very true, but they would then get access to the pacific, with code share flights, and even possibly placing SQ aircraft on the route.
27 JetMech : The sweetest thing about this whole takeover bid was the defeated look on JD's face. Oh how sweet it is! Couldn't have happened to a more deserving p
28 OzTech : I have to wonder just how many Qantas employees will still be smiling in 12 months from now?? With the vultures circling, the maint sure to go offshor
29 Post contains links and images Jacobin777 : ...hopefully not from these chaps...from the article above... "APA is not expected to return with a higher offer. Consortium member Macquarie Bank sa
30 ANother : SQ (or CI's) ability to offer SQ coded flights between Australia and the US would require traffic rights be granted by both Australian and US governm
31 Baroque : That might be true, but it might also be a result of the media understanding just how "flexible" the current government can be if it comes to a rule
32 Zeke : I understand that fully, but as a major shareholder they could influence QF not to object to an application from SQ. BTW SQ does have the right to op
33 Post contains images EK413 : :D Why am I smiling so much EK413
34 ANother : ah, but that's Cargo. The US-SG agreement does give 7ths to all-cargo ops. However SQ doesn't have 7ths for Cargo from Australia. Takes three to tang
35 Ikramerica : Boeing must be breathing a sigh of relief. They are now more assured of the full 787 order being fulfilled, as it seemed a bit up in the air during th
36 Baroque : The Aus ABC radio news has just (05.00 am Sat 5 May E Aus time) stated that a large offer came in just after the 7.00 pm deadline and that APA is aski
37 Jetfuel : Sorry folks, the daedline is closed. Now lets get on with getting rid of some of these old 747's that are casuing problems.
38 Post contains links Mariner : [quote=Baroque,reply=36]So hold the celebrations until this possible change becomes clear.[/quote APA (or Macquarie) is now claiming they have the num
39 ANstar : I think alot of hedge funds were gambling on the deal just getting over 50% and the deadline being extended for another 2 weeks. This would have enab
40 Qantas787 : Sadly it looks like it is still on.
41 QANTASforever : A great man once said: "Dont **** with a national icon". I think this has proven that. QFF
42 Post contains images Curmudgeon : I sincerely hope that the regulator holds their feet to the fire on the timing of that last bid. Yesterday there was ample speculation that the hedge
43 Post contains links Jacobin777 : ....according to The Australian, it does look like as if its finished...I certainly hope so.. http://www.theaustralian.news.com.au...story/0,20867,216
44 Qantas787 : " target=_blank>http://www.theaustralian.news.com.au....html I think that is old news now.
45 Jacobin777 : ....oh..that's terrible...lets hope that its all over and they will not take QF over...would be a travesty....
46 Sparklehorse12 : Sky News are reporting that there was a late sale which means APA gets over the line.....This smells of some serious arm twisting and some back handed
47 Post contains links QFFan : Sydney Morning Herald also reports late acceptance taking the acceptances to 50.6%. http://www.smh.com.au/news/business/...play/2007/05/05/11777884425
48 Peh : Sadly, this is old news now. The deal looks to be back on. There's a new thread where the formerly jubilant posters can now begin contributing to obit
49 Bill142 : Mainly because investors have been scared away and have been putting their money elsewhere in the sector. That's inevitable. Give it a month or two a
50 Airnewzealand : We have and Will continue to smile now and even after this fiasco stops. Please explain to me "superior"...If it means, in-consistent seats, crew, ai
51 Antskip : If there was a late acceptance, it was still late - that is, it wasn't in before the time offered for acceptances. The window open for acceptances ha
52 Zkpilot : make that 25% limit on foreign airline ownership cap. 49% total foreign ownership cap.
53 Baroque : The timing might be all in this. As far as I can work it out, APA (all times E Aus time) about 10pm, so 3 hours after the closure stated that they we
54 Quetzal : Next time I chuck a sandwich at you I'll make sure it hits you square in your foul mouth....
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