Air New Zealand
Air New Zealand
Qantas Sells Air New Zealand Stake to Institutions (Update1)
By Ambereen Choudhury and Joyce Moullakis
June 27 (Bloomberg) -- Qantas Airways Ltd., Australia's biggest airline, sold its stake in rival Air New Zealand Ltd. to institutional investors at a 6.9 percent discount.
The 4.2 percent holding, about 44 million shares, was sold at NZ$2.70 apiece. There was ``strong demand'' for the shares, according to a statement from Air New Zealand today. Qantas received about $NZ119 million ($91 million) from the sale.
Air New Zealand shares slumped 16 cents, or 5.5 percent, to NZ$2.74 at 10:25 a.m. in Wellington, valuing the company at NZ$2.9 billion.
The airline, based in Auckland, issued redeemable preference shares to Qantas in 2002. The Australian airline converted them to ordinary shares in February after the two airlines ended a plan to share flights.
Qantas is considering spinning off units or returning cash to investors after the collapse in May of a A$11.1 billion buyout led by Macquarie Bank Ltd. and David Bonderman's TPG Inc.
To contact the reporter on this story: Joyce Moullakis in Sydney at Jmoullakis2@bloomberg.net ; Ambereen Choudhury in London achoudhury@bloomberg.net Last Updated: June 26, 2007 18:42 EDT
Qantas Sells Air New Zealand Stake to Institutions (Update1)
By Ambereen Choudhury and Joyce Moullakis
June 27 (Bloomberg) -- Qantas Airways Ltd., Australia's biggest airline, sold its stake in rival Air New Zealand Ltd. to institutional investors at a 6.9 percent discount.
The 4.2 percent holding, about 44 million shares, was sold at NZ$2.70 apiece. There was ``strong demand'' for the shares, according to a statement from Air New Zealand today. Qantas received about $NZ119 million ($91 million) from the sale.
Air New Zealand shares slumped 16 cents, or 5.5 percent, to NZ$2.74 at 10:25 a.m. in Wellington, valuing the company at NZ$2.9 billion.
The airline, based in Auckland, issued redeemable preference shares to Qantas in 2002. The Australian airline converted them to ordinary shares in February after the two airlines ended a plan to share flights.
Qantas is considering spinning off units or returning cash to investors after the collapse in May of a A$11.1 billion buyout led by Macquarie Bank Ltd. and David Bonderman's TPG Inc.
To contact the reporter on this story: Joyce Moullakis in Sydney at Jmoullakis2@bloomberg.net ; Ambereen Choudhury in London achoudhury@bloomberg.net Last Updated: June 26, 2007 18:42 EDT
posted by Robee Dobee at 1:25 AM
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