Costello says the sale of Qantas is out of the government’s hands
In a report in the Herald Sun, Federal Treasurer Peter Costello says the sale of Qantas is out of the government’s hands and now a matter for the airline’s shareholders, adding, “The government has cleared the bid to go ahead.”
Mr Costello was speaking following a book launch at the Australian Stock Exchange in Sydney and added, “Now that doesn’t mean we recommend the bid, we don’t take a position.” “What it means is that we received the assurances in relation to Australian ownership, and in relation to the services.”
He said that Qantas’ mum and dad investors would have to decide whether they believe it’s a good offer, adding, “Its now out of the government’s hands …….. It is now a matter for the shareholders.”
With this clearly not the case, The Mole called Mr Costello’s office to ask if he had any comments about the various foreign funds now owing more than 49% of Qantas in breach of the foreign investment rules, but The Mole was not able to secure a comment before deadline.
The group bidding $11.1 billion for Qantas said yesterday it would not extend its May 4 closing date for shareholders’ acceptances but would speed up payments, with saying it would accelerate payment to five business days and provide all shareholders with withdrawal rights, giving them the chance to back out of the offer before it goes unconditional.
The move comes after the consortium this month restructured the offer to boost its chance of success and told the airline it was time to make a decision on the takeover.
A Report by The Mole from the Herald Sun and AAP
John Alwyn-Jones
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