Qantas soars on takeover bid

Shares in Australian carrier hit a record high on reports of an $8bn takeover bid.

    Qantas is one of the biggest carriers in the fast- growing Asia-Pacific region

    Qantas is Australia’s largest airline and has been in discussions with a range of individuals and companies, including other airlines, discussing possible acquisitions, joint ventures and partnerships.

    Analysts quoted by the Associated Press said there was speculation Macquarie was preparing a cash offer of A$5.50 a share, valuing the airline at almost US$8.47bn.

    However, several

    hurdles would have to be overcome for the takeover to be successful.

    Regulations limit foreign ownership of the airline to 49 per cent, and there is a limit of 25 per cent equity for any single partner.

    Earlier this year, Qantas reported a net profit of US$370m for the year to June - a 30 per cent drop on the previous year which was blamed on soaring fuel costs.

    The Qantas Airways Group has a fleet of 219 aircraft and has firm orders for 20 Airbus A380 superjumbos, the world's largest passenger aircraft.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.

    Pakistan's tribal areas: 'Neither faith nor union found'

    Pakistan's tribal areas: 'Neither faith nor union found'

    Residents of long-neglected northwestern tribal belt say incorporation into Pakistan has left them in a vacuum.