Air New Zealand increases stake in Virgin Australia by 3%

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Air New Zealand (ANZ) has entered into an agreement to increase its stake in Virgin Australia by 3% to 22.99%.

"The additional interest affirms ANZ's strong belief and confidence in Virgin Australia as well as the strategy it is pursuing under the leadership of John Borghetti and his team," ANZ says in a statement.

It adds that it is "not seeking a position on the board of Virgin Australia nor does it have the intention of obtaining control of Virgin Australia."

The agreement is subject to approval from the Foreign Investment Review Board (FIRB) and Australian Competition and Consumer Commission (ACCC). ANZ noted that the ACCC has indicated that it will conduct public enquiries to enable it to form a view in relation to these potential shareholdings.