Air New Zealand (ANZ) has declared a continued interest in taking full control of Ansett Australia in the wake of News Corporation's withdrawal of a plan to sell its 50% stake in the Australian carrier to Singapore Airlines (SIA) for A$500 million ($325 million).
In a statement to the New Zealand Stock Exchange, ANZ stresses its aim of creating an Australasian airline system, offering the minimisation of the risk relating to global deregulation, the accumulation of critical mass in Australasia and the Pacific Rim, and the formation of a "competitive axis" compatible with alliance partners and capable of meeting the threat from other groupings.
Meanwhile, an independent report from investment bank Grant Samuel & Associates forecasts that abnormal gains from Ansett will boost ANZ's 1998-9 bottom line earnings to as much as NZ$220 million ($120 million), against the NZ$172-208 million forecast by other analysts. ANZ says it is "comfortable" with the higher projection, with its optimism based on Ansett's disposal of non-core assets in recent months.
News Corp has shelved its offer until SIA and ANZ reach agreement on handling the latter's pre-emptive right to buy the stake.
Source: Flight International
