SIA gets approval to buy up to 25% of Air New Zealand.SINGAPORE, April 17 Kyodo
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Mark blatant advertising for , using . 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 up to 25% of Air New Zealand Parameter not given Error...
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It said the stake is in the form of ''B'' shares, which are for foreigners Foreigners
the condition of being an alien.
Law. the seizure of foreign subjects to enforce a claim for justice or other right against their nation.
Under guidelines set by the government, a foreign airline is not allowed to own more than 25% of the New Zealand flag carrier.
SIA Sia (sī`ə) or Siaha (sī`əhə), in the Bible, family returned from the Exile.
SIA - Serial Interface Adaptor acquired 8.3% in Air New Zealand on April 11 after obtaining approval from the New Zealand government.
An SIA spokesman declined to comment further when asked for more details about the increase in stake.
The Singapore carrier had been eyeing shares owned by Brierley Investment, which holds a total 47% stake in Air New Zealand.
Brierley had favored SIA over Australia's Qantas Airways airways Anatomy The 'pipes'–trachea, bronchi, bronchioles–through which air passes to and from the alveoli. See Small airways. in the bid for a chunk of Air New Zealand.
Talks between Air New Zealand and Singapore Airlines had encountered early difficulties because SIA wanted up to 40% of Air New Zealand.
With Air New Zealand already owning half of Australia's Ansett Airlines, SIA is looking to the Australian domestic market as well.
SIA, one of the most profitable airlines in the world, bought 49% of British airline Virgin Atlantic in December last year.
Its attempt to buy a 50% stake in Ansett Airlines from Rupert Murdoch's News Ltd. was thwarted by Air New Zealand because Air New Zealand owned the other 50% and had first rights to buy the News Ltd. stake.