Air Transport

Qantas takeover bid said to have failed

By Nicholas Ionides

Investors comprising the Airline Partners Australia consortium have reportedly failed in their bid to take over flag-carrier Qantas after shareholder acceptance did not reach a critical 50% threshold.

Airline Partners Australia is said by Australian media to have confirmed that it secured acceptances from shareholders representing only 46% of the airline.

A figure of at least 50% was needed by a 4 May deadline, in order to extend the offer for a further two weeks, and allow the consortium to achieve a 70% acceptance level required for the bid to become unconditional.

 

The consortium had been expecting a late rush of acceptances to tip it over the 50% level before today's deadline expired at 19:00 Sydney time.

Airline Partners Austria is made up of Australian and North American investment groups and its offer values Qantas at about A$11 billion ($9.1 billion).