AirNZ rules out stake in Virgin Blue – at least for now
Air New Zealand has moved quickly to hose down media speculation that it is considering taking a cornerstone stake in Virgin Blue.
Quoting “sourcesâ€, The Age in Melbourne has reported that the government-backed Air New Zealand was looking to buy a stake of up to 15 percent in Virgin Blue, “after the two airlines appeared to have won indicative support from regulators for their proposed joint venture on services between Australia and New Zealandâ€.
In a statement issued in response to the article, Air NZ said it had not purchased shares in Virgin Blue, although it stopped short of ruling out an equity investment in the future.
The statement read, “Air New Zealand advises it has not purchased any shares in Virgin Blue.
“Any such purchase would require FIRB (Foreign Investment Review Board) approval in accordance with the Australian Government policy on foreign investment due to the substantial ownership of Air New Zealand by the New Zealand Government.
“Air New Zealand is conscious that airline alliances such as the one planned with Virgin Blue frequently include an equity aspect, but the proposed alliance does not do so.
“The necessary regulatory approvals for the trans-Tasman alliance are still in process and Air New Zealand has had no indication of the outcome of this decision.
“A final decision on the alliance is expected by the end of the year.
“As a listed company on ASX and NZX, Air New Zealand is conscious of its market disclosure obligations and in the event of any such investment would advise the market in accordance with those obligations.
“Air New Zealand will make no further comment in regard to this speculation.â€
Ian Jarrett
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