The New Zealand Government has approved a request by Singapore Airlines (SIA) to increase its new stake in Air New Zealand (ANZ) from 8.3% to 25%. SIA is expected to buy Brierley Investments' 16.7% stake in ANZ held in B-shares - those available to foreign investors.
Brierley chairman Sir Selwyn Cushing says a sale will not take place before the completion of ANZ's bid for full ownership of Ansett Holdings.
Brierley plans to buy the half stake in Ansett held by News Corporation, giving it 100% of the business, but is awaiting Australian Foreign Investment Review Board clearance.
SIA, ANZ and Ansett are all Star Alliance partners.
SIA has meanwhile delayed an international road show to promote initial public offerings (IPOs) of its subsidiaries, Singapore Air Terminal Services and SIA Engineering, blaming market volatility.
Source: Flight International
