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- Release Date: 06/06/13 12:22
- Summary: ASSET: AIR: Air NZ increases interest in Virgin Australia to 22.99%
- Price Sensitive: No
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AIR
06/06/2013 10:22
ASSET
REL: 1022 HRS Air New Zealand Limited (NS)
ASSET: AIR: Air NZ increases interest in Virgin Australia to 22.99%
Air New Zealand has entered into an agreement to acquire a further 3% of the
shares of Virgin Australia, taking its interest to 22.99%. The agreement is
subject to customary Foreign Investment Review Board (FIRB) and Australian
Competition and Consumer Commission (ACCC) conditions and Air New Zealand has
filed the required Substantial Shareholder Notice.
Air New Zealand will consider acquiring up to a further 3% of the shares in
Virgin Australia, to the extent it is permitted to do so under the Australian
Corporations Act, and has made an application to FIRB on that basis.
As part of its usual process, FIRB seeks the views of the ACCC on any
competition related issues. The ACCC has advised Air New Zealand that it
intends to conduct public enquiries to enable it to form a view in relation
to these potential shareholdings.
The additional interest affirms Air New Zealand's strong belief and
confidence in Virgin Australia and the strategy it is pursuing under the
leadership of John Borghetti and his team.
Air New Zealand is not seeking a position on the Board of Virgin Australia
nor does it have the intention of obtaining control of Virgin Australia.
ENDS
End CA:00237111 For:AIR Type:ASSET Time:2013-06-06 10:22:01
