Australian flag-carrier Qantas has muscled in on rival Ansett's planned takeover of regional carrier Hazelton Airlines, with its Qantas Longreach subsidiary offering A$20.4 million ($10.6 million) for all 17 million shares in the Orange, New South Wales-based carrier - a third more than Ansett's A$15.3.
Ansett began the bidding by announcing that it had acquired 20% of the regional from the Hazelton family, and had made a cash offer of A$0.90 for the remaining shares, subject to securing 90% of stock during the offer period. Qantas responded on 28 November by agreeing to buy a 20% stake from 25% shareholder Skippers Aviation of Western Australia, with a cash offer of $1.20 for remaining shares, subject to it acquiring just 51% of the total.
Ansett has urged shareholders not to sell until they have heard a new offer, and says it will respond to the Qantas bid when it has considered its terms and related statements from Hazelton's directors. Hazelton operates nine Saab 340s and two Metro 23s to 25 destinations in New South Wales, plus Brisbane and the Gold Coast in Queensland, and the Latrobe Valley in Victoria.
Source: Flight International
