peh
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Qantas Buy-Out Fails

Fri May 04, 2007 8:18 pm

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]
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anstar
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 8:26 pm

 Smile  Big grin  Silly  Cool
Great news!
 
QFFan
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 8:30 pm

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.
 
anstar
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 8:46 pm

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??
 
melpax
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 8:47 pm

Quoting ANstar (Reply 1):
Great news!

Agreed!

Hopefully there will be a cleanout at the top levels in QF.
Essendon - Whatever it takes......
 
VHVXB
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 8:51 pm

Quoting ANstar (Reply 3):
presume Greigg

I thought he was going as well
 
QFFan
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 8:54 pm

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
 
QANTAS077
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 8:57 pm

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]
 
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Zkpilot
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 9:16 pm

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.
 
SBN580
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 9:17 pm

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!
 
anstar
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 9:40 pm

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
 
peh
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 9:41 pm

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
 
baroque
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 9:45 pm

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.
 
Curmudgeon
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:16 pm

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
 
baroque
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:20 pm

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

Wipe that smile off your keyboard my dear Curmudgeonly perbody!!  Smile  Smile
 
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BNE
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:23 pm

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
 
SBN580
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:24 pm

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!
 
baroque
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:26 pm

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

G'day Bruce!
 
Stealthz
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:27 pm

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!
 
SBN580
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:28 pm

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!
 
Curmudgeon
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:34 pm

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
 
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zeke
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:37 pm

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
 
flyboysp
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:45 pm

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
 
ANother
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 10:55 pm

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]
 
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Revelation
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:02 pm

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! Light the song with sense and color.
Hold away despair, more than this I will not ask.
Faced with mysteries dark and vast, statements just seem vain at last.
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Asturias
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:04 pm

Good news  Smile

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 airlines soon enough had the investors gotten their hands on Qantas like that.

saludos

Asturias
Tonight we fly
 
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zeke
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:07 pm

Quoting ANother (Reply 23):
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%

Very true, but they would then get access to the pacific, with code share flights, and even possibly placing SQ aircraft on the route.
We are addicted to our thoughts. We cannot change anything if we cannot change our thinking – Santosh Kalwar
 
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jetmech
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:09 pm

Quoting Peh (Thread starter):

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 person!

Regards, JetMech
JetMech split the back of his pants. He can feel the wind in his hair :shock: .
 
OzTech
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:10 pm

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 offshore and Emirates, Singapore and Ethiad providing far superior products what has QF got left to offer...
Unfortunately, the once great Aussie icon is fast running out of the once loyal patron full of great Aussie Pride for whom there was only one choice.. with the price war of travel in Y and J on the major carriers hotting up the discerning Aussie traveller is starting to expect more for his/her buck and I am afraid that the outdated product in Y class and the shocking "Skybed" discomfort combined with the "could not give a damn" attitude of the sandwich chuckers in "all" zones of QF airplanes both Int and Dom are just a few more nails in QF's coffin.. Myself and many collegues who have the choice of carrier for international Business sectors left QF many years ago due to thier substandard product.
There will be many out ther who try to shooot me down over this but I and many other Business and Holiday travellers will and have backed me up over the last few years.. I call it as I see it..
Qantas.. You've missed the boat mate.. The boat came.. you sat on your laurels and it sailed away..
Complacency and stuck in the mud national pride have sunk you...
Hope your company is thinking of hiring some spray painters soon.... They will be the busiest employees next year applying the colours of yur new Asian owners...
RIP
No defect too big, no defect too small, nothing in the log --- No defect at all !!
 
jacobin777
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:20 pm

Quoting StealthZ (Reply 18):
Doubt we have seen the last of this story!

...hopefully not from these chaps...from the article above...

"APA is not expected to return with a higher offer.

Consortium member Macquarie Bank said it believed APA would have been "an excellent and responsible owner of Qantas''.

"Macquarie Bank wishes Qantas every success,'' the bank said in a statement."

doesn't look like as if they are all to interested anymore (at least for now)...

...congrats to all for keeping a national icon just that...an national icon

now to see some extra B747's at SFO... bigthumbsup 


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ANother
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:30 pm

Quoting Zeke (Reply 26):
Very true, but they would then get access to the pacific, with code share flights, and even possibly placing SQ aircraft on the route.

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 governments. i.e. the ownership of the aircraft is not relevant, it is the nationality of the marketing airline. SQ would require traffic rights if they placed their code on Qantas operated aircraft between Australia and the USA.

The US, which has an open-skies agreement with Singapore has given designated airlines from Singapore unlimited 5th freedom rights - but a route between Australia and US would not be 5th it would be 7th freedom which the US has not given.This would be the case even if SQ operated SIN-OZ-USA. Australia has not given 7ths to Singapore either.

I know this debate has been in many threads over the last months - but interesting enough everyone seems to be blasting the Australian government for not 'giving' SQ these rights, but very little discussion if the US ever would. The US policy on 7ths is very clear - ain't gonna happen, without something in exchange. Singapore has little to offer in exchange.
 
baroque
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:34 pm

Quoting ANother (Reply 23):

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

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 they don't "like". Last year they were defending QF but given the chance they could be agreeing to alter the terms.
 
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zeke
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:42 pm

Quoting ANother (Reply 30):
SQ would require traffic rights if they placed their code on Qantas operated aircraft between Australia and the USA.

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 operate cargo flights from Oz to the US.
We are addicted to our thoughts. We cannot change anything if we cannot change our thinking – Santosh Kalwar
 
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EK413
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RE: Qantas Buy-Out Fails

Fri May 04, 2007 11:46 pm

:D Big grin Big grin Big grin Big grin Big grin Big grin Big grin Big grin Big grin Big grin
Why am I smiling so much Big grin

EK413
Good evening, ladies and gentlemen. We are tonight’s entertainment!
 
ANother
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 2:09 am

Quoting Zeke (Reply 32):
BTW SQ does have the right to operate cargo flights from Oz to the US.

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 tango here.
 
ikramerica
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 4:35 am

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 this whole thing beyond the initial order.
Of all the things to worry about... the Wookie has no pants.
 
baroque
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 4:51 am

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 asking to have the offer extended. At present there is nothing on the ABC website, but the news suggested the picture was now "confused" if I remember the word they used correctly.

So hold the celebrations until this possible change becomes clear.
 
jetfuel
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 5:54 am

Quoting Baroque (Reply 36):
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 asking to have the offer extended. At present there is nothing on the ABC website, but the news suggested the picture was now "confused" if I remember the word they used correctly.

So hold the celebrations until this possible change becomes clear.

Sorry folks, the daedline is closed.

Now lets get on with getting rid of some of these old 747's that are casuing problems.
Where's the passion gone out of the airline industry? The smell of jetfuel and the romance of taking a flight....
 
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mariner
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 6:18 am

[quote=Baroque,reply=36]So hold the celebrations until this possible change becomes clear.[/quote

APA (or Macquarie) is now claiming they have the numbers and want the deadline extended:

http://www.bloomberg.com/apps/news?p...601080&sid=aNHgEB7i9_uM&refer=asia

mariner
aeternum nauta
 
anstar
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 7:00 am

Quoting Mariner (Reply 38):
[quote=Baroque,reply=36]So hold the celebrations until this possible change becomes clear.[/quote

APA (or Macquarie) is now claiming they have the numbers and want the deadline extended:

http://www.bloomberg.com/apps/news?p...601080&sid=aNHgEB7i9_uM&refer=asia

mariner

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 enabled them to cash out next week. I don;t think many were expecting this to fail yesterday.

Perhapsw one of these ivestors realsied how much was at stake and did a deal last night? it seems strange for APA to announce at 9pn that they didn;t have the deal, but at 5am in the morning the mircaulously had a deal!

Very sus if you ask me.
 
qantas787
Posts: 216
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 7:04 am

Sadly it looks like it is still on.
G'day
 
QANTASforever
Posts: 5794
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 7:10 am

A great man once said: "Dont **** with a national icon".

I think this has proven that.

QFF
Fighting for the glory of the Australian Republic.
 
Curmudgeon
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 7:15 am

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 funds wanted them to reach 51% to enable another two weeks of play time. Any bid accepted after the bell should be rejected and an investigation of possible collusion initiated.

Oh well, at least I had one good night's sleep.  pessimist 
Jets are for kids
 
jacobin777
Posts: 12262
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 7:55 am

....according to The Australian, it does look like as if its finished...I certainly hope so..

http://www.theaustralian.news.com.au...story/0,20867,21675080-601,00.html
"Up the Irons!"
 
qantas787
Posts: 216
Joined: Thu Apr 06, 2006 2:59 pm

RE: Qantas Buy-Out Fails

Sat May 05, 2007 8:14 am

Quoting Jacobin777 (Reply 43):
...according to The Australian, it does look like as if its finished...I certainly hope so..

http://www.theaustralian.news.com.au....html

I think that is old news now.
G'day
 
jacobin777
Posts: 12262
Joined: Sat Sep 11, 2004 6:29 pm

RE: Qantas Buy-Out Fails

Sat May 05, 2007 8:20 am

Quoting Qantas787 (Reply 44):

I think that is old news now.

....oh..that's terrible...lets hope that its all over and they will not take QF over...would be a travesty....
"Up the Irons!"
 
sparklehorse12
Posts: 512
Joined: Fri Feb 02, 2007 12:19 pm

RE: Qantas Buy-Out Fails

Sat May 05, 2007 8:47 am

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 cash flow.....APA needed to save face somehow - this a*&holes....
Airlines Flown : QF,NW,AA, CX, AC, MH, SQ, DJ, NZ, TG, PG,US, FJ, J8, AN, DD, JQ
 
QFFan
Posts: 19
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RE: Qantas Buy-Out Fails

Sat May 05, 2007 9:00 am

Sydney Morning Herald also reports late acceptance taking the acceptances to 50.6%.

http://www.smh.com.au/news/business/...play/2007/05/05/1177788442547.html

Looks like the take over may still be on the cards. I would be interested which of the Fund Managers offered the late acceptence.

Would be interesting to be a fly on the wall on that board meeting this morning.

time shall tell
 
peh
Posts: 217
Joined: Tue Nov 07, 2006 5:29 pm

RE: Qantas Buy-Out Fails

Sat May 05, 2007 9:17 am

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 obituaries for one of the world's greatest airlines.
Flown: ATR72, DASH 8, 737, 747, 767, 777, A300, A320, A321, A330, A340, MD80
 
bill142
Posts: 7853
Joined: Wed Aug 04, 2004 1:50 pm

RE: Qantas Buy-Out Fails

Sat May 05, 2007 11:00 am

Quoting StealthZ (Reply 18):
The increase in value of the ASX since the bid was announced... the increase in airline stocks, just a tad under valued.

Mainly because investors have been scared away and have been putting their money elsewhere in the sector.

Quoting BNE (Reply 15):
In the short term I am sure the Qantas share price will go down.

That's inevitable. Give it a month or two and it will recover, probably in line with the rest of the sector.

Quoting Mariner (Reply 38):

APA (or Macquarie) is now claiming they have the numbers and want the deadline extended:

That is assuming the takeovers panel agrees. Which, with any luck, they won't. This has dragged on for six months. APA should just walk away now, because the whole thing is becoming a farce. I've never seen such a poorly handled takeover prior to this.

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