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Unnamed Consortium Bidding For BIL's Stake In Anz!  
User currently offlineSingapore_Air From United Kingdom, joined Nov 2000, 13745 posts, RR: 19
Posted (13 years 6 months 2 weeks 6 days 18 hours ago) and read 1301 times:

Unnamed Consortium May Bid For Brierley's Air NZ Stake

WELLINGTON (Dow Jones)--An as yet to be identified consortium of local investors wants to buy Brierley Investments (A.BRY) 30% stake in Air New Zealand (A.AIZ), thereby thwarting a takeover bid by Qantas Airways (A.QAN), Radio New Zealand reported Wednesday.
The consortium has the support of the New Zealand government, which regards stable ownership as important for Air New Zealand, Radio New Zealand said.


Independent directors of Air New Zealand briefed Finance Minister Michael Cullen and Transport Minister Mark Gosche about the bid Tuesday, the report said.

In a surprise move last week Qantas outlined a proposal to acquire up to 55% of Air New Zealand by buying Singapore Airlines (Singapore: SIAL.SI - news)' (P.SAL) 25% stake and Brierley Investments' 30% interest.

(MORE) Dow Jones Newswires 05-06-01

2017GMT

Copyright (c) 2001 , Dow Jones & Company Inc



Anyone can fly, only the best Soar.
2 replies: All unread, jump to last
 
User currently offlineSingapore_Air From United Kingdom, joined Nov 2000, 13745 posts, RR: 19
Reply 1, posted (13 years 6 months 2 weeks 6 days 18 hours ago) and read 1290 times:

NZ group seeking BIL's stake in Air NZ - media

WELLINGTON, June 6 (Reuters) - A group of New Zealand investors is putting together a consortium to buy Brierley Investments Ltd's 30 percent stake in national carrier Air New Zealand, Radio New Zealand reported on Wednesday.


The investors were not named by Radio NZ in the unsourced report, which said the group planned to formalise the offer in the next two weeks.

It said a sale of Brierley's (BIL) stake would open the way for a NZ$500 million rights issue to help fund Air NZ's hefty fleet replacement programme.

BIL owns its stake through Air NZ's New Zealand resident-only A shares , which make up 51 percent of the share register.

BIL's 229.5 million Air NZ shares would be worth NZ$250 million at the current A share price of NZ$1.09, but BIL said last week it was not a seller at the current share price around NZ$1.00.

Air NZ's unrestricted B shares closed on Tuesday at NZ$1.46.

Air NZ last week revealed a proposal for Qantas to purchase a stake in the airline from 25 percent shareholder Singapore Airlines (Singapore: SIAL.SI - news) and Brierley.

The government has shown reluctance to support a Qantas move into Air NZ with NZ Prime Minister Helen Clark rating it

"somewhat less" than a 50:50 chance of proceeding, particularly as the government has just tightened competition law. Qantas competes with Air NZ in the Australian and New Zealand domestic markets as well as on international routes between the two countries and around the Pacific region.

The Qantas offer would include the sale of Air NZ's Australian unit Ansett and Qantas' NZ operations to Singapore Airlines.

Radio NZ also reported on Wednesday that independent directors of Air NZ met the New Zealand Ministers of Finance and Transport for what it called a brief and formal meeting on Tuesday to update the government on progress in resolving the airline's future.

Under the privatisation of the airline in 1988, the government holds a golden share in Air NZ that holds powers including the control of offshore airline ownership.

At present the limit for total offshore airline interests in Air NZ is 35 percent, with no single carrier allowed more than 25 percent.

Radio NZ reported on Wednesday that the government was

"firmly opposed" to a tie-up between Qantas and Air NZ.

The Dominion newspaper reported on Wednesday that Air NZ chief executive Gary Toomey may have unveiled the Qantas proposal last week after he became aware of a secret deal between Qantas and BIL for the sale of much of BIL's stake to Qantas.

"Air New Zealand became aware that Qantas and Brierley Investments were working on the proposal and leaked it to pre-empt them from progressing too far...before allowing the proposal to go ahead," the newspaper quoted an unnamed analyst as saying.

Air NZ, which owns Australian airline Ansett Holdings, carries more than 21 million customers a year with a fleet of nearly 200 aircraft and in excess of 1,000 flights a day.

Copyright © 2001 Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of Reuters Limited




Anyone can fly, only the best Soar.
User currently offlineSingapore_Air From United Kingdom, joined Nov 2000, 13745 posts, RR: 19
Reply 2, posted (13 years 6 months 2 weeks 6 days 18 hours ago) and read 1289 times:

Unnamed Consortium/Brierley/Air NZ -3: Local Institutions

WELLINGTON (Dow Jones)--An as yet to be identified consortium of local investors wants to buy Brierley Investments (A.BRY) 30% stake in Air New Zealand (A.AIZ), thereby thwarting a takeover bid by Qantas Airways (A.QAN), Radio New Zealand reported Wednesday.
The consortium has the support of the New Zealand government, which regards stable ownership as important for Air New Zealand, Radio New Zealand said.


Independent directors of Air New Zealand briefed Finance Minister Michael Cullen and Transport Minister Mark Gosche about the bid Tuesday, the report said.

In a surprise move last week Qantas outlined a proposal to acquire up to 55% of Air New Zealand by buying Singapore Airlines (Singapore: SIAL.SI - news)' (P.SAL) 25% stake and Brierley Investments' 30% interest.

(MORE) Dow Jones Newswires 05-06-01

2017GMT

DJ CORRECT: NZ Mins Not Briefed On Consortium's Air NZ Bid

Independent directors of Air New Zealand didn't brief Finance Minister Michael Cullen and Transport Minister Mark Gosche about the consortium's bid when they met Tuesday to discuss ownership issues, the report said.

(An item about 2017 GMT was incorrect about the directors' discussions with ministers.)

(MORE) Dow Jones Newswires 05-06-01

2042GMT Government Support

"The consortium's makeup is not public but the government supports the move as a way to retain the national carrier," the report said.

Radio New Zealand said the government wants to prevent Australia's Qantas from gaining control of Air New Zealand because that could jeopardize the airline's international landing rights and the country's tourism trade.

"Government ministers are staying at arms length from the action and the consortium wasn't on the agenda when Air New Zealand's independent directors briefed the Kiwi Share ministers Mark Gosche and Michael Cullen yesterday," the report said.

"But there is a determination to lock Qantas out of any influence and hold Singapore Airlines to its 25% shareholding," the report added.

Under current rules, 25% is the maximum stake a foreign airline can have in Air New Zealand.

(MORE) Dow Jones Newswires 05-06-01

2051GMT Local Institutions

Air New Zealand confirmed it has received expressions of interest from several local individuals and institutions about taking a stake in the airline.

"We have had expressions of interest from a number of New Zealand individuals and institutions and that's as far as it has gone at this point. There are expressions of interest but no more than that at this stage," spokesman David Beatson told Dow Jones Newswires.

Beatson said some of the approaches had been made by groups of investors but declined to say how many expressions of interest have been received in total.

Air New Zealand is treating all of the approaches seriously, Beatson added.

At 2205 GMT Air New Zealand's resident-only A shares were down 1 cent, or 0.9%, at NZ$1.08 and the B shares, which non-residents can own, were down 1% at NZ$1.45.

-By Stephen Wright, Dow Jones Newswires; 64-4-471-5990; stephen.wright@dowjones.com

Copyright © 2001 Dow Jones & Company Inc. All rights reserved.




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