Sadly Antares you need to go back and re-read my post.
I spoke about the proposed arrangements with Branson set to get 40% (ie an overseas shareholder), leaving just 9% available for any other off shore investor. At NO stage did I ever claim that Temasek was an 'airline'. I alluded to the existing arrangement between SQ
and Branson, and that SQ
- if they were interested in taking up a shareholding - would be looking at a 25% stake (ie the maximum permitted) rather than a small 'strategic' placement. They want to be on the Board.
you do your research properly, you will also understand that the same rules apply to parent organisations - if the proposed airline was a wholly owned subsidiary of Toll, then the foreign ownership rules still apply in respect of airline ownership.
The bit that really gets my back up is Branson's parroting on about the Pacific Airline. He is NOT a majority shareholder in Virgin Blue, is NOT permitted to have a majority shareholding under any guise, and yet is clearly vocalising about frequency, city pairs (and aircraft type) at odds with the ACTUAL planning going on in Patrick's at the moment.
As to the rail issue, go back and check facts.
is interested in taking up the Patrick shareholding in Pacific national (one of the undertakings required by the ACCC). The QF
approach into the rail may be as a joint venture partner with AustPost. The alternative purchaser could be QR
, but that has a whole raft of issues that would probably not get past the ACCC at the moment
have a relationship with the NZ
Govt. In a briefing paper (internal) there was some disquiet about a potential QF
involvement, given the planned synergies between Toll Aust and Toll NZ
(manufacture of rolling stock, motive power, transfer of mngt) and the potential overlap in the full freight arena. Just think about it for a moment.
I agree with you to a certain extent over the Temasek propensity to invest for return. But they have shown themselves also prepared to look at longer term strategic placements. The thing is though, with Branson involved, SQ
want to be in the immediate orbit. While Temask may be sleeping with the prime minister of Singapore, the longer term survival of the airline from a prestige perspective has just a little more clout in making a decision as to who should own the shares (and it all flows back to the SQ
Govt, whether it is the Ministry of Finance who owns the shares or not).
Enjoy Melbourne - all I can say is it is a far more pleasant view in BNE
at the moment.