QAN 2.63% $5.55 qantas airways limited

fly again?, page-2

  1. 77 Posts.
    Hi zwu
    Yes Accc can stop it ,read the extraxt from Qantas press release bellow.
    Company News

    View Archived News Updates
    25 November 2002
    Message from the CEO

    Qantas has entered into an agreement to form a strategic alliance with Air New Zealand, which includes Qantas taking a 22.5 per cent shareholding over the next few years.
    Details of the agreement were announced today and are set out in full in the accompanying media release.

    Both Qantas and Air New Zealand see the alliance as a unique opportunity. By working together, we can make better use of our resources, provide greater security for existing employees, add real value for our passengers and shareholders and boost tourism in both Australia and New Zealand.

    In many ways we are natural partners. We both have long and proud histories in commercial aviation, strong and respected brands and outstanding people and operational skills.

    While the relationship will enhance the employment and investment potential of both airlines, you can expect the usual rumours to start about massive job losses and restructuring. Nothing could be further from the truth. The alliance is about growth and long-term viability.

    Our industry remains complex and demanding. Around the world, more than 200,000 airline jobs were lost between September 2001 and October 2002. An additional 15,000 job cuts have been announced by US and European airlines this month, including United Airlines stating last week that they will reduce staff by 9,000.

    The IATA membership of airlines, which includes most of the world's commercial airlines, collectively lost over US$12 billion in 2001. They are forecast to lose a further US$5 billion in 2002.

    In this environment, more and more airlines are entering alliances and equity partnerships to secure their long-term survival.

    The agreement announced today is subject to approval from Air New Zealand shareholders, the Australian Competition and Consumer Commission and the New Zealand Commerce Commission. This approval process is likely to take at least six months. We will keep you informed of all major developments. In the meantime, however, it is business as usual.

    Geoff Dixon

    The following media release was issued this morning:


    SYDNEY, 25 November 2002: Qantas Airways and Air New Zealand have agreed to enter into a wide-ranging strategic alliance.

    The alliance will involve Qantas taking a 22.5 per cent cornerstone shareholding in Air New Zealand.

    The strategic alliance agreement is subject to the approval of the New Zealand Minister of Transport (in his role as Kiwi Shareholder), Air New Zealand shareholders, the New Zealand Commerce Commission and the Australian Competition and Consumer Commission.

    Qantas today (27/11)lodged an application with the Minister of Transport, Hon Paul Swain, for consent to own shares in Air New Zealand.

    By the way it could take up to to six month to reach decision acording to Qantas CEO Geoff Dixon.

    My feeling is that Alan Fells will not like it as it is likely to reduce competion, after all you dont go to any price wars with you partners do you. cheer s

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