Air New Zealand is denying it has been approached or is in discussions with any other airline. Photo: 123RF<\/p>\n
Air New Zealand is denying it is in merger talks after a report in The Australian newspaper.<\/p>\n
The paper reported the airline and Virgin Australia held recent discussions about a possible merger, with Virgin also looking at acquiring Australian regional carrier Rex Airlines.<\/p>\n
However, in a short statement to the sharemarket this morning, Air New Zealand chair Dame Therese Walsh said it has \"not been approached, and is not in discussions with any parties, regarding a potential merger transaction\".<\/p>\n
The airline said it was complying with its NZX continuous disclosure obligations. It declined to provide further comment when approached by RNZ.<\/p>\n
The Australian, citing sources, said talks were held between Air New Zealand and Virgin \"in recent weeks\", but they had not struck a deal.<\/p>\n
The paper said the plan would involve a back door dual listing in Australia and in New Zealand of Virgin into Air New Zealand.<\/p>\n
Virgin is owned by United States private equity firm Bain Capital.<\/p>\n
Bain bought the airline for $A3.5 billion ($NZ3.9b) in 2020 after it entered voluntary administration after Covid-19 decimated the aviation sector.<\/p>\n
Air New Zealand has had a long and complicated history with Australia over the years.<\/p>\n
Qantas owned a stake in the airline when it was privatised in 1989. In the mid-1990s, Air New Zealand bought a 50 percent stake in the Australian carrier Ansett and took full ownership in 2000.<\/p>\n
The merger was a disaster for the airline as Ansett collapsed and Air New Zealand was bailed out by the New Zealand government, which took a majority stake in the company.<\/p>\n
In 2011, Air New Zealand bought a stake in Virgin but sold down in 2016.<\/p>\n
Just two years later the airline announced a partnership with Qantas for domestic routes in New Zealand and Australia.<\/p>\n
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Read more from the original source: <\/p>\n
Air New Zealand dismisses report of merger with Virgin Australia - RNZ<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Air New Zealand is denying it has been approached or is in discussions with any other airline. Photo: 123RF Air New Zealand is denying it is in merger talks after a report in The Australian newspaper. Continue reading