British Airways has sold its 18.25% stake in Qantas, providing the UK carrier with A$1.1 billion ($760 million) to pay off debt and focus on European consolidation opportunities and freeing the Australian carrier to pursue Asian expansion. Trading in Qantas shares was halted on 8 September and resumed the next day on completion of the sale of 336 million shares, at A$3.28 per share, to Australian and international investors. The move ends a 10-year financial tie between the two carriers. Qantas chief executive Geoff Dixon says the sale will have no effect on the carrier's commercial operations, with the BA-Qantas joint services agreement on routes between Australia and Europe to continue. Qantas, which is already embarking on Asian expansion through a low-cost Singapore-based airline, is now expected to pursue further moves in the region.
Source: Flight International
