NAV20 From Australia, joined Nov 2003, 9743 posts, RR: 37 Posted (6 years 7 months 1 day 22 hours ago) and read 2719 times:
Just an oddity really, the Qantas mess is business history now, and the airline will survive intact. But this is one of the funniest, most entertaining, and most incisive press articles I've read in a long time, and I thought that other A.netters might enjoy reading it as much as I did.
You often hear Australia referred to as 'the lucky country.' Part of our 'luck' is having some of the best journalists around, who aren't scared of 'calling a spade a bloody shovel' when it is indicated by events. And in having large numbers of ordinary people who don't allow themselves to be pushed around by the big end of town, however much pressure they come under; the underlying reason why the asset-strippers missed out on getting their fangs into Qantas was that a lot of ordinary shareholders just said "Not bloody likely!" and held on to their shares.
Anyway, congratulations to Glenda Korporaal of 'The Australian' for a thoroughly-entertaining article. Hope other people enjoy reading it as much as I did.
(Excerpts - link to full article below)
"THE contrast couldn't have been more dramatic. As Macquarie Bank hunkered down in its Pitt Street bunker this week, refusing to comment on its failed $11B. bid for Qantas, airline chief Geoff Dixon was hosting an A-list event at Sydney Airport.
"Dixon sipped on red wine as the glitterati watched wafer thin models try to keep their balance in their impossibly high heels as they catwalked down the marble floor of Qantas's glamorous new First Class Lounge at Sydney.
"Corporate A-listers such as David Jones's Mark McInnes, Reserve banker Jillian Broadbent, Fairfax director Julia King and Qantas chief financial officer Peter Gregg mingled with the likes of fashion designers Collette Dinigan and Carla Zampatti, TV's Richard Wilkins, swimmer Kieren Perkins and cricketer Mark Waugh.
"Unable to fly because of her deep vein thrombosis, Qantas chairman Margaret Jackson was at home in Melbourne.
"At Sydney Airport - owned by Macquarie Airports - the hotpants-clad models strutted to the tunes of Sunny and Bright Shiny Day. When it comes to relations between Qantas and Macquarie, Fleetwood Mac's Go Your Own Way might be more apt.
"The two have been in a corporate bear hug since the Qantas board agreed to back the Macquarie-led bid for the airline last December.
"Relations between the Qantas board and Macquarie Bank could be considered just short of poisonous at the moment with the board feeling it has been let down badly by Macquarie's handling of the deal.
"It's a diamond encrusted, rolled gold f... up," one furious Qantas source said this week.
"It's as if they were walking through a field of seven landmines and they managed to tread on eight of them.
"It makes you wonder: if they couldn't handle the deal, how would they go running the airline?"
Baroque From Australia, joined Apr 2006, 15380 posts, RR: 60 Reply 5, posted (6 years 7 months 20 hours ago) and read 1490 times:
Quoting NAV20 (Thread starter): "Relations between the Qantas board and Macquarie Bank could be considered just short of poisonous at the moment with the board feeling it has been let down badly by Macquarie's handling of the deal.
Ha! Glenda, Mac Bank were kack handed, but their mishandling is hardly turning out to the disadvantage of the supposed owners of Qantas at this stage. Just to the board members who had their get richer quick scheme come apart.
Possibly related, Howard find himself a few million shareholders short this year as his battlers desert the stockmarket. Now I wonder why they would do that?