Qantas Australian ownership still in doubt
An AAP and www.news.com.au report says that Deputy Prime Minister Mark Vaile says that Qantas management are yet to determine whether the company is still majority Australian owned.
The Federal Government last week asked Qantas to clarify whether the airline had breached its foreign ownership cap because of a buy-up of hedge funds by overseas investors during the failed $11 billion takeover bid by Airline Partners Australia (APA).
“In discussions that I’ve had with senior management from the company, they’ve given me a clear undertaking that they intend to maintain the share register in such a way that it remains compliant with the Qantas sales act,” Mr Vaile, who is also transport minister, told Network Ten.
“Now as the smoke clears, as it were, after the bid and the activity that has taken place on the share market, it will take a short period of time to ascertain the structure of the register.
“But there is a process that has been in place since Qantas was originally floated … where foreign investors, the last ones on are the first ones off if there has got to be an adjustment made.
“And that’s the action Qantas will take.”
Overseas interests are not permitted to own more than 49% of Qantas, but some analysts have suggested that recent share dealing could have seen it go above that level.
Mr Vaile would not comment on whether Qantas chair Margaret Jackson should step down over the failed takeover, but he urged shareholders to consider the board’s credentials.
“The future of the board is a matter for the shareholders and I’m not going to run a commentary on that,” he said.
“And (as to) the management of Qantas, I think you would arguably say it’s one of the best run and certainly one of safest airlines in the world and a very fierce competitor globally.”
Qantas management had a plan before the equity bid to maintain and grow its services, and “presumably it still will be the case”, Mr Vaile said.
The airline has historically been governed by highly respected and well qualified corporate officers.
“I understand that’s certainly the case at the moment and I’m sure shareholders will reflect on those things as they go forward,” Mr Vaile said.
Mr Vaile said it was a “matter for the marketplace” whether another corporate raider would come along.
The government’s role was to ensure compliance with the Qantas sales act, the airport sales act and the deed of agreement negotiated with private equity consortium APA.
Report by The Mole from AAP and www.news.com.au
John Alwyn-Jones
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