BA vuole fondersi con Qantas
BA in merger talks with Qantas
By FT Reporters
Published: December 2 2008 13:19 | Last updated: December 2 2008 13:19
British Airways on Tuesday said it was in merger talks with Qantas, the Australian flag carrier.
The UK airline said in statement to the stock exchange that it was “exploring a potential merger with Qantas Airways Limited via a dual-listed company structure.”
It added that its merger discussion with Spain’s Iberia were continuing.
In recent days there have been fresh reports in Australia that BA and Qantas were in talks about an equity swap, and the potential changes to Australian foreign ownership rules could help further those discussions.
The Australian carrier said earlier on Tuesday that it welcomed a draft policy statement from the government in Canberra that it believes could promote industry consolidation by revising some rules that restrict equity stakes in the Australian flag carrier.
Under current rules, an individual foreign investor can only own up to 25 per cent of Qantas, while foreign airlines can collectively own up to 35 per cent. Although the overall 49 per cent cap on foreign investment will be retained, the government is considering removing the limits on individual investments allowing any single party to own up to 49 per cent.
British Airways bought a 25 per cent stake in Qantas from the Australian government in 1993 for A$665m as part of the airline’s privatisation. However, it had sold out of that stake by 2004.
BA shares were up 5 per cent or 6.6p in at 146.3p in afternoon trading. Shares in Qantas earlier closed 4 per cent lower at A$2.25.
Copyright The Financial Times Limited 2008
