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Qantas takeover 'on a knife-edge' Qantas bid announcement delayed
(about 2 hours later)
The consortium trying to buy Qantas Airways has admitted that its bid is "on a knife-edge" just hours before a key deadline. Investors will have to wait till Monday to find out if an $A10.8bn ($8.9bn; £4.5bn) takeover bid for Australian icon Qantas Airways can still go ahead.
Airline Partners Australia (APA) needs to secure 50% of Qantas shares by 1000 BST Friday or else its $A10.8bn ($8.9bn; £4.5bn) offer will expire. A deadline passed at 0900 GMT on Friday for Airline Partners Australia (APA) to gain acceptances from owners of at least 50% of Qantas shares.
APA, which said it had bought 34.59% of Qantas shares by early Friday, needs a late surge in shareholder support. APA, which earlier said its bid was "on a knife-edge", will reveal the results before the start of Monday trading.
Its bid has faced strong opposition from some Australian politicians.Its bid has faced strong opposition from some Australian politicians.
If APA gets past the 50% mark before the Friday deadline, it will then have another two weeks to secure the 70% it needs to be able to automatically buy the remaining 30% of shares and take over the whole company. APA, which said it had bought more than 36% of Qantas shares by the end of Thursday, was counting on a late surge in shareholder support.
It is offering $5.45 per share for the iconic Australian airline, dubbed the Flying Kangaroo. If APA does prove to have passed the 50% mark before the Friday deadline, it will then have another two weeks to get the figure up to 70% - the level at which it will be allowed automatically to buy out the remaining shareholders.
It is offering $5.45 per share for the Australian airline, dubbed the Flying Kangaroo.
Job cut fearsJob cut fears
"The reality is this continues to be a knife-edge and APA will be relying on both investment and hedge fund acceptances to get over the line by the offer close," said APA director David Coe. The APA consortium is majority-led by Australian bank Macquarie, but also includes US buyout giant Texas Pacific and Canadian firm Onex Corporation.
The APA consortium is majority led by Australian bank Macquarie, but also includes US buyout giant Texas Pacific and Canadian firm Onex Corporation.
A number of senior Australian politicians have attacked the takeover, fearing that APA will both end a number of internal routes, and also migrate jobs to South Asia.A number of senior Australian politicians have attacked the takeover, fearing that APA will both end a number of internal routes, and also migrate jobs to South Asia.
They also object to the involvement of overseas firms in such an Australian company.They also object to the involvement of overseas firms in such an Australian company.
However, the Australian government has backed the deal, and APA has moved to alleviate fears over reduced fights and potential job cuts.However, the Australian government has backed the deal, and APA has moved to alleviate fears over reduced fights and potential job cuts.