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Author Topic: APA Qantas bid wins late reprieve  (Read 1364 times)

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Offline casper

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APA Qantas bid wins late reprieve
« on: May 06, 2007, 11:15:44 AM »
A consortium trying to buy Australia's Qantas Airways says a sufficient number of shareholders have accepted its offer, hours after saying they had not.

Airline Partners Australia (APA) said it had gained 50.6% of Qantas shares, just 0.6% above the minimum stake required to keep their bid alive.

APA had admitted defeat before Friday's 0900 GMT deadline, so it must now ask regulators for permission to proceed.

The $A10.8bn ($8.9bn; £4.5bn) bid has faced strong opposition in Australia.

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