Air New Zealand takes another chunk of Virgin Blue
Air New Zealand has swooped for more shares in Australian-based Virgin Blue, lifting its stake to 14.9 percent.
Air New Zealand CEO Rob Fyfe reconfirmed that there is no intention to go over 14.99 percent.
“This is simply an investment in Virgin Blue that reinforces Air New Zealand’s strategy to grow its business in Australasia which is continually evolving as a single aviation market.
“The Tasman alliance with Virgin Blue was a key step in this strategy.
“This investment cements the important relationship between our two airlines and demonstrates the confidence we have in Virgin Blue and its management to grow their business both within the Tasman alliance and beyond the scope of the alliance,†said Fyfe.
The chief executive said Air New Zealand had no intention of entering the Australian domestic market in its own right.
Air New Zealand said it would not be seeking representation on the Virgin Blue Board for at least six months.
Air New Zealand’s chief financial officer Rob McDonald said the cost of entry into Virgin Blue is A$145 million.
Ian Jarrett
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