SQ are keen to get money into the NZ/AN Group to realise something on the investment they have already made and also make life difficult for their real enemy (BA/QF). Whilst there is no doubt that SQ are displeased with NZ over last year's antics, it is equally assured that they will not P*ss their investment in NZ up against the wall to prove a point.
NZ have denied this transaction is in the wings but if you paid careful attention to what Gary Toomey said on Business Sunday last weekend, you will note that he did not rule out some exotic methods by which SQ could increase its investment in the Group and overcome the NZ government's archaic ownership limits.
Sure, SQ was always more interested in AN than NZ but this does not mean they do not see value in the synergies of combining the 2 antipodean airlines into one.
If SQ just wanted AN, they had their opportunity last year when QF offered to buy a stake in NZ which would have immediately put AN back on the auction block with SQ the only live bidder. SQ blocked QF by taking the shares in NZ.
It is unlikely NZ will sell a majority of AN to NZ and SQ may not want a majority. Splitting the airlines back into 2 businesses will remove many of the synergies sought to be gained through the merger. SQ can control what NZ/AN do without taking a majority in either airline.
SQ played a big part in getting Gary Toomey into NZ/AN. I think they did this as they see a future in the group.
Having said that, I also think that they would be happy to see the back of Selwyn Cushing and I'm sure they can arrange this whenever they are ready. I'm sure the good doctor has heard the expression "Revenge is a dish best eaten cold."