Air NZ lifts stake in Virgin Australia to 23 percent , may creep up to 26 percent

Wed, 05 Jun 2013

June 6 (BusinessDesk) - Air New Zealand has agreed to lift its holding in Virgin Australia to about 23 percent from 19.99 percent in a series of off-market transactions and indicated it may seek to hold as much as 26 percent. New Zealand’s state-controlled airline paid about A$72 million for the shares, with the largest purchase being for 77.4 million shares at 47.68 Australian cents apiece, or A$36.9 million under a forward transaction with Gresham Property Investments. The agreement is subject to approvals from the Australian Competition a...

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