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APA was not allowed to buy Qantas Airways for $9 billion
6 May 2007Australian air carrier Qantas Airways Ltd. has declared, that studying of the offer on merge to consortium Airline Partners Australia (APA) for 11,1 billion Australian dollars (9 billion dollars) is stopped.
It is connected with the today’s decision of Committee on merges and absorption of Australia, which has refused to consider APA’s offer. Nevertheless, APA has informed that it hopes for change of the decision of committee and it is still going to buy Qantas.
Earlier one of basic shareholders Qantas - institutional fund Balanced Equity Management - has rejected the offer of the consortium. The management of fund has declared, that it does not accept the price in 5,45 Australian dollars (4,46 dollars) per share.
In order to make the transaction took place, the potential buyer should receive the consent of 90 % of Qantas Airways shareholders. In case of success the transaction can become the largest absorption of airline in the world.
The Airline Partners Australia will posses Macquarie Bank Ltd., Texas Pacific Group, Allco Equity Partners, Allco Finance Group and Onex Corp. Qantas Airways Ltd. is the largest air carrier of Australia.
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