Dixon has been banging on about the 51% rule for years...it has...

Dixon has been banging on about the 51% rule for years...it has kept a lid on the QAN sp for years and continues to. That's why the takeover last year was led by a bride of frankenstein consortium.

QAN is totally encumbered within Oneworld so a takeover is unlikely but VBA is a relative free agent. It's trading at a 50% discount to it's cash position.

From a network perspective it's all about Sydney - the only way to get a toe in Sydney is to buy QAN or VBA. No Sydney no global player!