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- Release Date: 04/10/13 12:23
- Summary: ASSET: AIR: Air New Zealand to increase Virgin Australia shareholding
- Price Sensitive: No
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AIR
04/10/2013 09:23
ASSET
REL: 0923 HRS Air New Zealand Limited (NS)
ASSET: AIR: Air New Zealand to increase Virgin Australia shareholding
Air New Zealand is pleased to announce that it has received approval from the
Australian Treasurer to increase its shareholding in Virgin Australia
Holdings Ltd to 25.9%.
The Treasurer's approval follows consideration by the Foreign Investment
Review Board (FIRB) and a public inquiry by the Australian Competition and
Consumer Commission (ACCC).
Air New Zealand will acquire an additional 3% of shares in Virgin Australia
under an existing forward contract, taking Air New Zealand's holding to a
total of 22.9%. The approval allows the acquisition of up to a further 3%,
subject to Air New Zealand complying with the 'creep' provisions under the
Australian Corporations Act.
Welcoming the announcement, Air New Zealand's CEO, Christopher Luxon said:
"The opportunity to take our shareholding in Virgin to 25.9% and the recently
extended Tasman Alliance with Virgin mean we can confidently work with Virgin
to provide a strongly competitive, Australasian and international airline
network. We are fully supportive of the Virgin management team and strategy
which provide an ideal complement to our own network and importantly, an
opportunity to participate in the Australian market with a respected
partner."
ENDS
End CA:00241995 For:AIR Type:ASSET Time:2013-10-04 09:23:31
