Concern re impact of purchase of Qantas.
The news that Macquarie Bank and US based Texas Pacific intend purchasing the larger part of Qantas has left many industry analysts and leaders in the financial world questioning the overall impact.
As David Koch on Channel 7’s Sunrise said this morning, “We all know what happened when Macquarie Bank bought Sydney Airport, with prices going through the roof and it cost you money to sneeze.”
Qantas’ shares surged to a 12-month high of $5.25 following the announcement that the airline had received a takeover approach, with analysts speculating that that the purchase price will be between $5.20 and $5.50, valuing Qantas at $10.3 billion to $10.9 billion.
Buying Qantas would also allow Macquarie to acquire the T2 terminal at Sydney airport, with Macquarie already owning most of the airport’s holding company through its listed Macquarie Airports fund.
The deal could rival US Airways’ USD$8 billion bid for Delta Air Lines, marking a change in strategy by private equity groups that had been hunting for cash-rich retail and media assets in Australia, but private equity firm Texas Pacific has always chased airlines.
Its first deal was the rescue of Continental Airlines in 1993 and it has held stakes in the former America West and Ireland’s Ryanair and has previously bid for stakes in Air Canada and South African Airways.
Investment bank Macquarie is highly acquisitive having pursued a range of opportunities from Australian ports group Patrick to the London Stock Exchange over the past year.
Qantas would add no more than in its statement and Macquarie Bank declined to comment, but whatever happens, the rules will change with a MacBank and Texas Pacific purchase of the control of Qantas, bringing hard nosed investor profit as the sole objective and the potential knock effect being higher prices and further slashing of costs including Aus based staff.
If you thought Dixon was tough and seemed unemotional about the flying kangaroo, then wait and see what these guys will be like – there will be no emotion whatsoever and Qantas will be changed forever.
Report by The Mole
John Alwyn-Jones
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