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| Version 0 | Version 1 |
|---|---|
| Takeover approach targets Qantas | Takeover approach targets Qantas |
| (40 minutes later) | |
| Australia's biggest airline Qantas has received a takeover approach from Macquarie Bank and Texas Pacific. | Australia's biggest airline Qantas has received a takeover approach from Macquarie Bank and Texas Pacific. |
| "The approach is confidential and incomplete and is being investigated by Qantas," the airline said. | "The approach is confidential and incomplete and is being investigated by Qantas," the airline said. |
| News of the approach drove Qantas shares up by as much as 20%, but they later fell back to close up just 1.6%. | |
| Earlier reports had suggested Macquarie - an Australian merchant bank - was working on a bid worth up to 10.3bn Australian dollars ($8bn; £4.2bn). | Earlier reports had suggested Macquarie - an Australian merchant bank - was working on a bid worth up to 10.3bn Australian dollars ($8bn; £4.2bn). |
| In a statement issued soon after the market closed, Macquarie said it had held preliminary "indicative talks" with Qantas over the possibility of a takeover. | |
| However, any offer for the company would have to overcome government-imposed limits, which restrict any single investor in the flag-carrier to a stake of 25%, while stakes owned by foreigners cannot exceed 49%. | |
| Macquarie has been involved in a number of takeover bids recently, including unsuccessful approaches for the London Stock Exchange and Associated British Ports. | |
| Last month, the firm acquired Thames Water for £8bn and the London bus operations of Stagecoach. |