Sharechat Logo

Air NZ ups Virgin Australia stake to maximum 25.99%

Tuesday 17th June 2014

Text too small?

Air New Zealand, the national carrier, has increased its cornerstone shareholding in Virgin Australia to the maximum allowed under that nation's foreign investment rules.

The Auckland-based airline now owns 25.99 percent of the Australian budget carrier, from a previous 24.46 percent, it said in a statement. The company has lifted its stake 3 percent since October last year, when it sought approval from the Australian Treasurer after gaining consent from the Foreign Investment Review Board and the Australian Competition and Consumer Commission. The current level is the maximum allowed by Australia's foreign investor regulator. 

Air New Zealand formed a partnership with Virgin, providing links with its flights into Australia, after the failure of its Australian-based airline Ansett in 2001. Virgin Australia’s other major shareholders are Virgin Group and Singapore Airlines.

The shares in Air NZ rose 0.2 percent to $2.265, edging off last Thursday's seven-year high of $2.27, and have advanced 38 percent this year.

 

 

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

UPDATE: Mercury earnings fall less than expected on geothermal offset
Napier Port jumps 12% on NZX debut following oversubscribed public offer
Moody's sees pressure on NZ banks' profitability
Competition watchdog proposes breaking wholesale stranglehold on petrol supply
FIRST CUT: Mercury earnings fall less than expected on geothermal offset
Comvita says KPMG's audit delays reporting of annual results
20th August 2019 Morning Report
NZ dollar drifts lower as greenback gains; focus on Jackson Hole
Nib NZ has risk and culture review on the radar
MARKET CLOSE: NZ shares gain as tweaked earnings outlooks boost A2, weigh on Fletcher

IRG See IRG research reports