Qantas Deal Crashes

By J. Kelman,  Newser User
Posted May 5, 2007 8:00 AM CDT
Qantas Deal Crashes
Two Qantas jets pass each other at Sydney international Airport in Australia, Friday, May 4, 2007. Airline Partners Australia consortium has made a 10.8 billion Australian dollar (US$8.9 billion; euro6.55 billion) takeover offer for Australia's Qantas airlines. Under Australian takeover laws, APA...   (Associated Press)

(Newser) – 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. (Read more Qantas stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.