AFAIK this was only reported in the Australian media.
I'm quite sceptical about that. BA and QF have been building a strong cooperation, and were apparently ready to secure even more the important Kangaroo Routes with an alliance in SE Asia.
London is a very important market for QF and I assume it would have hard times if BA would leave them, and same goes for BA in Australia where they now much rely on QF's operations and staffs.
At first sight, I assume both partners wouldn't be that willing to leave one another.
Lufthansa taking over Qantas would be a probability (if the BA's stake is to be sold), as Singapore Airlines, a Star Alliance partner, would take benefit from that and eventually get the "home market" he has been dreaming of for a long time.
But would Air France, American, Delta, Continental, Northwest, ... Lufthansa take Qantas so easily?
All these carriers are more or less likely to have Australian operations anytime soon.
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Photo © Stephane GIMARD
As far as I concerned, I'll wait for anything in the press outside Australia to be sure of this piece of information.