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Air deal takes off

By Graeme Kennedy

Friday 16th June 2000

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Air New Zealand hopes to complete its 100% acquisition of Ansett Australia by the end of this month following approvals from the Australian Foreign Investment Review Board this week.

Managing director Jim McCrea said conditions attached to the approvals did not affect the terms of the deal and both companies would now move rapidly toward full settlement. New group executive appointments would be made next month. Air New Zealand bought half of Ansett four years ago and announced its bid for the other 50% from News Corp in February. Teams have been working on integration to a single business group operating under their own brands.

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