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B-HXB
Topic Author
Posts: 679
Joined: Sat Jan 27, 2001 12:04 pm

Qantas To Buy 25% Of Air NZ

Fri Nov 22, 2002 2:45 pm

One News tonight reported Qantas plans to buy 25% of Air New Zealand, leaving the New Zealand government with a 65% shareholding. One News indicated that the two airlines would hold a joint media conference on Monday.

The report suggested Qantas may have to commit to a "National Interest" package as a result of its investment in Air New Zealand. According to One News, this may be in the form of some Qantas maintenance shifting to New Zealand, creating local employment. Also suggested was that as a result, Air New Zealand may leave the Star Alliance and join oneworld.

Critics say that this will result in higher airfares, particularly domestically where Qantas and Air New Zealand are the only major operators, and across the Tasman. However, the same critics say that this tie-up may expedite clearance for Virgin Blue to begin operations.

So if One News is correct, expect official confirmation Monday! If they're wrong... well, they're going to be in a spot-o-bother!
 
Guest

RE: Qantas To Buy 25% Of Air NZ

Fri Nov 22, 2002 2:50 pm

Does Qantas has the money to pay the penalty fee for Air New Zealand?
 
TG992
Posts: 2310
Joined: Tue Jan 09, 2001 12:03 pm

RE: Qantas To Buy 25% Of Air NZ

Fri Nov 22, 2002 4:50 pm

Speculation about a possible Qantas deal

Tonight on TV news there has been speculation about a possible deal between Air New Zealand and Qantas.

Our response to that speculation is that discussions between Air New Zealand and Qantas are continuing. No agreement has been reached. When we have anything to report, we will.

source: air nz press release, 22 november 2002, 1920h
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aamd11
Posts: 919
Joined: Sat Nov 17, 2001 11:54 am

RE: Qantas To Buy 25% Of Air NZ

Fri Nov 22, 2002 9:04 pm

The fee that Qantas would allegedly have to pay for ANZ's departure from Star, is around $32million (i cant remember if thats NZdollars or US or Aussie)

And im pretty sure Qantas has that kind of money right now, afterall, even BA which was making losses for months has a cash pile of well in excess of 2billion Aussie dollars.

we shall find out more Monday i guess.

A^A MD-11
 
bwc1976
Posts: 187
Joined: Sat Oct 13, 2001 10:30 pm

RE: Qantas To Buy 25% Of Air NZ

Sat Nov 23, 2002 4:05 am

I'd love them to join Oneworld. Seat-pitch-wise, the NZ 747 I was on was a closer match to AA's MRTC (around 34"), while Qantas is a closer match to United (both 31" I believe?).

 
User avatar
VirginFlyer
Posts: 5571
Joined: Sun Sep 10, 2000 12:27 pm

RE: Qantas To Buy 25% Of Air NZ

Sat Nov 23, 2002 8:35 am

Aamd11 - i think that must be US$. The figure I heard quted on the news a lot last year was NZ$60 million

V/F
It is not for him to pride himself who loveth his own country, but rather for him who loveth the whole world. The earth is but one country, and mankind its citizens. —Bahá'u'lláh
 
rmm
Posts: 518
Joined: Sun Feb 04, 2001 10:34 am

RE: Qantas To Buy 25% Of Air NZ

Sat Nov 23, 2002 10:38 am

An extract from the NZ Herald on the sale of 25% of AirNZ to QF,

Former Air New Zealand director Sir Selwyn Cushing is horrified.

"It just defies any sense of business common sense," he said.

It would be as stupid as having Wallabies captain George Gregan sitting in with the All Blacks and helping with tactics about the next test match.

"The Aussies will make sure it's nice and sweet and and sugary for the short term, but the long term will be disaster.

"Anyone with half a brain in the airline industry will understand that."



It's a pity this goose didn't heed his own advice in 1998. A good percentage of 16,000 people might have still been employed today.  Angry

Rmm
 
B-HXB
Topic Author
Posts: 679
Joined: Sat Jan 27, 2001 12:04 pm

RE: Qantas To Buy 25% Of Air NZ

Sat Nov 23, 2002 10:47 am

In the interest of being fair, I also have to point out that the extract provided by Rmm from Sir Selwyn Cushing concluded with a comment about how this would all be unnecessary if SIA had been allowed to buy into Air NZ, but the "dithering of [Finance Minister] Michael Cullen has cost New Zealand plenty".
 
rmm
Posts: 518
Joined: Sun Feb 04, 2001 10:34 am

RE: Qantas To Buy 25% Of Air NZ

Sat Nov 23, 2002 11:05 am

B-HXB

I didn't mean to deliberately leave that last paragraph out. (The bit about Cullen) My comments relate more to 98 than 2001. Cushing was the one who enacted the pre-emptive rights.

Rmm
 
TG992
Posts: 2310
Joined: Tue Jan 09, 2001 12:03 pm

RE: Qantas To Buy 25% Of Air NZ

Sun Nov 24, 2002 5:55 pm

Air NZ Request Suspension
24/11/2002 06:54 PM
IRN

Air New Zealand has asked the Stock Exchange to suspend trading in its shares tomorrow morning.

It's the clearest sign yet that the company is ready to announce a deal's been done with Qantas.

The Stock Exchange says Air New Zealand expects the suspension of trade to last until about midday.

While the shares aren't trading, Air New Zealand will be meeting union leaders at an Auckland hotel, where a video link-up has been arranged with Australia.

Our newsroom understands that Qantas will take between 19.5 and 25 percent of Air New Zealand.

Any deal will have to go to Cabinet to be signed off, and will need the approval of Finance Minister Michael Cullen and the Overseas investment Commission.

The Commerce Commission says it understands an application relating to Air New Zealand is imminent.
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United Airline
Posts: 8971
Joined: Wed Jan 10, 2001 5:24 pm

RE: Qantas To Buy 25% Of Air NZ

Sun Nov 24, 2002 6:17 pm

Any chance that Air New Zealand will stay with Star?
 
ORD Boy 2
Posts: 323
Joined: Fri Aug 25, 2000 12:25 pm

RE: Qantas To Buy 25% Of Air NZ

Mon Nov 25, 2002 3:11 am

An AOL/AP report said oneworld wont be taking members anytime soon
 
Guest

RE: Qantas To Buy 25% Of Air NZ

Mon Nov 25, 2002 3:47 am

25% is still considered a minority stake. ANZ is unlikely to leave Star at this moment.
 
gigneil
Posts: 14133
Joined: Fri Nov 08, 2002 10:25 am

RE: Qantas To Buy 25% Of Air NZ

Mon Nov 25, 2002 11:27 am

ANZ might not leave Star, but as the other running thread on this topic mentions, Star seems to be trying to lure Qantas in.

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