N.Z. gov't approves SIA bid to buy stake in Air New Zealand.SINGAPORE, April 10 Kyodo
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SIA - Serial Interface Adaptor ) announced Monday it has obtained approval from the New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. government to buy an 8.3% stake in Air New Zealand Parameter not given Error...
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SIA had been negotiating for a stake in the carrier with New Zealand's Brierley Investment Ltd., which owns 47% of Air New Zealand.
Brierley had favored SIA over Australia's Qantas Airways in the two airlines' bid for a chunk of the New Zealand carrier.
Talks between Air New Zealand and SIA encountered difficulties earlier because of SIA's insistence on seeking as much as a 40% stake. No foreign airline is allowed to hold more than 25% of Air New Zealand.
With Air New Zealand already owning 50% of Australia's Ansett Airlines, SIA is eyeing Australia's domestic market.
SIA, one of the most profitable airlines in the world, bought a 49% share of Britain's Virgin Atlantic Airways last December -- its first purchase of a stake in another airline.
Its attempt to buy a 50% stake in Ansett Airlines from Rupert Murdoch's News Corp. was thwarted by Air New Zealand, which owns the other 50% and has the pre-emptive right Pre-Emptive Right
The right of a company's existing common shareholders to have the first chance to purchase shares in a company's future stock issue.
Also known as "pre-emption rights".
See also: Common Stock, No-Par-Value Stock, Stock to buy the News Corp. stake for itself.