• Most Popular
  • Most Shared

Major Qantas shareholder objects to takeover: report

SYDNEY
Sun Feb 18, 2007 4:26pm EST

Stocks

   
Qantas passenger planes stand on the tarmac in Sydney, March 9, 2006. A major shareholder in Qantas Airways has raised objections to an agreed $8.7 billion takeover offer, say sources close to the Qantas board, the Australian Financial Review reported on Monday. REUTERS/Tim Wimborne

SYDNEY (Reuters) - A major shareholder in Qantas Airways Ltd. (QAN.AX) has raised objections to an agreed $8.7 billion takeover offer, say sources close to the Qantas board, the Australian Financial Review reported on Monday.

UBS Global Asset Management, which owns more than 6 percent of Qantas, had complained to directors that the bid from Airline Partners Australia undervalued the company, raising fears on the board of a move to block the bid, the paper said.

Although, UBS could not block the deal on its own, it might be able to rally enough support among other shareholders to push for a higher price.

Airline Partners, which includes Macquarie Bank MBL.AX, private equity firm Texas Pacific Group TPG.UL, Allco Equity Partners AEQ.AX, Allco Finance Group AFG.AX and Canadian investment firm Onex Corp. (OCX.TO), has said it would drop its bid if it did not secure 90 percent of Qantas stock.


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets