Company Watch - Qantas Airways.Nov 27, 2006 Australian Prime Minister John Howard For other persons of the same name, see John Howard (disambiguation). John Winston Howard (born 26 July 1939) is an Australian politician and the 25th Prime Minister of Australia. said he would not introduce laws to stop a break-up of national icon Qantas Airways in a AUD AUD In currencies, this is the abbreviation for the Australian Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $10 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $7.75 billion) buyout, citing a commitment to free markets. At the same time, Qantas Chief Executive Geoff Dixon emphasized that buyout talks with investment firms Macquarie Bank and Texas Pacific Group were at an early stage. Aiming to douse douse 1 also dowse v. doused also dowsed, dous·ing also dows·ing, dous·es also dows·es v.tr. 1. To plunge into liquid; immerse. See Synonyms at dip. 2. a furore about Australia's flying kangaroo being taken over by private equity investors, including foreign firms, Dixon said the foreign stake in the bidding team would be below the 49 percent foreign ownership cap on Qantas, and possibly below 46 percent. Nov 24, 2006 Analysts told The Australian newspaper that a successful debt-financed buyout of Qantas could result in the new owners spinning off significant sections of the company and sending more work, such as maintenance, overseas. At the same time, many poured cold water on the deal because it would require the blessing of myriad unions, the federal government and regulators. In addition, Qantas is a national icon and the thought of its falling into US hands easily could become be an election issue. Nov 23, 2006 Australian Manufacturing Workers Union The Australian Manufacturing Workers Union, or more fully, the Automotive, Food, Metals, Engineering, Printing and Kindred Industries Union (AMWU) ("The Metalworkers") is an Australian trade union that is registered with the Australian Industrial Relations Commission and is National Secretary Doug Cameron told The Australian that the union does not want the airline "treated as a plaything by merchant bankers and cashed-up equity consortiums." He told ABC News that AMWU AMWU Australian Manufacturing Workers Union is "calling on [Prime Minister] John Howard to say quite clearly that the jobs should stay in Australia because we depend on Qantas for our transport, for our defense and in case of emergency when Australians are in trouble overseas." Nov 23, 2006 Qantas Airways shares dipped as investors feared nationalistic sentiment could stop a possible AUD$10 billion (USD$7.8 billion) buyout by a group of international investors. Politicians and unions weighed in after Qantas and Australia's Macquarie Bank confirmed on Wednesday they were discussing a buyout proposal, which also involves US private equity investor Texas Pacific Group and Pacific Equity Partners. The conservative coalition government, which would have the final say on any buyout plan and faces a national election next year, will be aware of potential pitfalls such as the possible loss of jobs and unprofitable routes in regional Australia. Nov 23, 2006 Qantas confirmed that it is the target of the bid and released a statement to the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. saying "the approach is confidential and incomplete and is being investigated." Macquarie called discussions "preliminary" in a press release and said that "if a firm proposal is made, [it] will adhere to the existing rules governing the ownership of Qantas, in particular that there will be continuing majority Australian ownership." Nov 23, 2006 Qantas shares closed down 1.4 percent at AUD$4.93, after earlier dropping as much as 3.4 percent. The stock hit a record high of AUD$5.25 on Wednesday after Qantas confirmed the talks. Analysts have speculated that Qantas directors were unlikely to support a bid of less than AUD$5.50 a share, or AUD$10.9 billion. Nov 23, 2006 The Qantas deal reportedly may involve several "partners" including Macquarie and its associates holding 25%, Australian transport king Lindsay Fox with 25% and Texas Pacific and associates with a combined 49%. TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général has stakes in a number of airlines including Ryanair and Tiger Airways and has been looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. positions in Australasia since the collapse of its planned involvement in the rescue of Ansett Airlines in 2001. It also has been involved in restructuring efforts at Continental Airlines and America West Airlines America West Airlines was one of the United States' ten major airlines. The airline was based in Tempe, Arizona, and is now a part of US Airways Group. At the time of its integration into US Airways, the airline maintained two hubs, one at Phoenix Sky Harbor International . The Ansett deal also involved Fox. Nov 23, 2006 Macquarie Bank, Texas Pacific stoke controversy with surprise bid for Qantas. Australian unions and analysts are warning that Qantas may be broken up and thousands of jobs lost if a $7.7 billion hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. bid brokered by Australia's Macquarie Bank and led by US corporate raider corporate raider See raider. Texas Pacific Group is successful. Nov 23, 2006 Qantas shares, despite the doubt surrounding the deal, . rocketed to a record A$5.25 ($4.04) each yesterday. Australian Transport Minister Mark Vaile told Channel Seven that "any consortium would have to consider the foreign and cross-ownership requirements under the Qantas Sale Act and the Airports Act." He added that the government would not change the rules unique to Qantas that restrict individual shareholders to a 25% stake and foreign investors to a combined 49%. Nov 22, 2006 Editor: Aram Gesar, eMail: edit@AirGuideOnline.com For more global news, reviews, features and analysis, please go to: http://www.airguideonline.com/onlinenews.htm To Subscribe to our Newsletters: http://www.airguideonline.com/order_formsubs.htm#news To Advertise: advert@AirGuideOnline.com Nov 13, 2006 |
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