21-Jan-2011 6:01 PM
Air New Zealand acquires ‘substantial’ stake in Virgin Blue; step towards fuller alliance
Analysis
Air New Zealand has taken a vital second step in expanding its relationship with Virgin Blue, acquiring a "substantial" 14.9% shareholding in the Australian carrier for AUD145 million (USD143 million) - or AUD0.44 cents per share. The New Zealand carrier, which is 49% government owned, however, stated it has "no intention" of making a full takeover offer. The Star Alliance could be further entrenched in the Australian market as a result.
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