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SIA in talks to sell ANZ stake to Qantas.

SINGAPORE, May 29 Kyodo

Singapore Airlines (SIA) said Tuesday it is in talks to sell its stake in Air New Zealand to Australia's Qantas airline.

''Recently, Qantas had exploratory discussions with Singapore Airlines (SIA) at management level on the idea of Qantas buying SIA's

stake in Air New Zealand,'' said a statement issued by SIA.

SIA had bought a 25% stake in Air New Zealand last year, while Brierley Investment Ltd. has 30%. Air New Zealand is the full owner of Ansett, which is the number two carrier in Australia.

''Qantas' plan is to acquire substantive ownership of Air New Zealand by also buying Brierley Investment's shareholding in the New Zealand carrier, and for Air New Zealand to sell all of Ansett to SIA.''

''The proposal is only a concept. In the interests of shareholders, SIA must consider with care the strategic and financial implications of the proposition and weigh it against other options that are available.''

SIA failed in a bid to acquire half of Ansett in 1999.
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Publication:Asian Economic News
Date:Jun 4, 2001
Words:169
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