Air New Zealand have upped their stake in trans-tasman alliance partner Virgin Australia to 19.99%
Air NZ paid A$32.8 million, or 29.7 cents per share, to lift its stake 5 percentage points to 19.99 per cent, according to a substantial shareholder notice lodged on the ASX.The announcement has Air New Zealand now sitting on the takeover threshold, although CEO Rob Fyfe says they have no plans to mount a takeover bid. Air New Zealand is yet to seek board representation as part of the deal although it is expected that this will happen.
Virgin Australia shares rose 3.3c in trading yesterday, in response to the announcement, bucking the trend of the ASX.
Read more from theaustralian.com.au HERE, stuff.co.nz HERE or the nzherald.co.nz HERE