Air New Zealand increases stake in Virgin Australia
Air New Zealand has increased its stake in Virgin Australia from 14.99 percent to 19.99 percent but said it has no interest in making a takeover bid for the Australian airline.
Chief executive, Rob Fyfe, said he had called Virgin Australia boss, John Borghetti, to confirm that there was no takeover plan.
“Our increased investment in Virgin Australia continues Air New Zealand’s strategy to develop scale and reach in this region,†he said.
“This increased investment demonstrates our continued belief in the strategy that Virgin Australia is pursuing and our confidence in the Virgin Australia management team to deliver this strategy,†Fyfe added.
“The trans-Tasman Alliance that we have with Virgin Australia is now well underway and delivering great results for customers and also for both airlines. Our combined share in the trans-Tasman market has grown significantly year on year.”
Fyfe also confirmed that Air New Zealand had no intention to enter the Australian domestic market in its own right.
“The recent weakness in Virgin Australia’s share price provided us with an opportunity to gain further exposure to Virgin Australia at an attractive price,†he said.
Ian Jarrett
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