Qantas takes a stake in Alliance Airlines
The Qantas Group has taken a 19.9% stake in Australian charter carrier Alliance Airlines and says it plans to eventually boost it to a majority stake.
It paid Qantas $60 million for the shareholding and said it is ‘business as usual’ for Alliance management.
Alliance offers services to the resources sector focused in Western Australia and Queensland and also flies regional services for Qantas.
Qantas said it won’t take a seat on the Alliance board.
"We don’t intend to have any involvement in the management of Alliance as a result of this transaction," Qantas CEO Alan Joyce said in a memo to employees.
However it does see opportunities in the resources sector.
"Alliance is a profitable, well-managed business with high levels of operational maturity."
"There is no impact on our own operations or our commercial arrangements with Alliance as a result of this announcement. Ultimately, we’d like to take a majority stake in Alliance in order to better serve the resources market," Joyce said.
Qantas will seek approval from the competition regulator ACCC to increase its shareholding up to a controlling stake.
Shares in Alliance surged more the 12% following news of the stake purchase.
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