Qantas Airlines will keep flying solo, after what would have been the biggest airline takeover in history fell through yesterday evening. Airline Partners Australia, the private equity consortium that offered $11.1 billion for the company, failed to secure the 50% of stock it needed to move the deal to its next stage.
The bid has faced widespread opposition. Some shareholders saw the offer as undervalued; politicians feared a nationalist backlash if the deal went through, although the consortium was led by an Australian bank. Ultimately, an American hedge fund killed the deal, after it backed out of a promise to sell 10% of Qantas's stock to APA.