ANZ buys stake in Virgin Blue
Air New Zealand has acquired a substantial stake in Virgin Blue.
The airline has notified the Australian Stock Exchange and New Zealand Stock Exchange that it has become a substantial shareholder in Virgin Blue, as part of a planned acquisition of a shareholding between 10% and 14.99%.
Virgin Group retains its 26% shareholding.
Air New Zealand CEO Rob Fyfe said there is no intention to make a takeover bid for Virgin Blue.
According to a statement from the airline, Fyfe confirmed this to Virgin Blue chief executive John Borghetti in a telephone call today.
Air New Zealand has obtained Australian Foreign Investment Review Board approval to purchase up to 14.99% percent of Virgin Blue; a shareholding which it believes will keep the total foreign ownership of Virgin Blue within the statutory limit of 49%.
“The investment in Virgin Blue is part of Air New Zealand’s strategy to develop scale and reach in this region.
"The Tasman alliance with Virgin Blue was the first step in this strategy. This investment cements the emerging relationship between our two airlines and demonstrates the confidence we have in Virgin Blue both as an entity and as a partner for Air New Zealand,” said Fyfe.
Air New Zealand intends to make a further announcement about the shareholding to the NZX and ASX before the commencement of market trading tomorrow.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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