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Qantas appoints Macquarie Group as part of takeover defence

13-Jun-2012 9:57 AM

Qantas appointed Macquarie Group as part of its efforts to defend the company from potential takeovers (Bloomberg/The Australian/Sydney Morning Herald/AAP, 13-Jun-2012). Macquarie is tasked with setting up an internal team to ward off potential takeover bids for the airline. Qantas CEO Alan Joyce said the airline had not received approaches regarding a potential takeover. However, after the airline’s stock value significantly declined recently, it is potentially a target for takeover attempts. Mr Joyce also ruled out an equity raising following the low share price, stating it is not necessary for the carrier to retain its investment-grade credit rating. Meanwhile John Singleton is reported to be interested in the airline, however, did not comment on speculation a consortium involving former Qantas CEO, Geoff Dixon, was looking to take over the Australian national carrier. International Airlines Group CEO Willie Walsh stated it is not looking to take an equity stake in Qantas but said My Joyce was “taking the right actions to address the challenges”.