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Qantas bid announcement delayed APA admits likely Qantas defeat
(about 2 hours later)
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. A consortium trying to buy Australia's Qantas Airways has admitted that it does not appear to have gained sufficient shareholder support.
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. Airline Partners Australia (APA) said it seemed that it had not gained the 50% of Qantas shares it was required to own before a 0900 GMT Friday deadline.
APA, which earlier said its bid was "on a knife-edge", will reveal the results before the start of Monday trading. It added that should this is confirmed, then "APA's offer for Qantas Airways will not proceed".
Its bid has faced strong opposition from some Australian politicians. APA's $A10.8bn ($8.9bn; £4.5bn) bid had faced strong opposition in Australia.
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. 'Job cut fears'
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. The APA consortium is majority led by Australian bank Macquarie, but also includes US buyout giant Texas Pacific and Canadian firm Onex Corporation.
It is offering $5.45 per share for the Australian airline, dubbed the Flying Kangaroo. A number of senior Australian politicians have attacked the takeover attempt, fearing that APA will both end a number of internal routes, and also migrate jobs to South Asia.
Job cut fears They also objected to the involvement of overseas firms in such an Australian company.
The APA consortium is majority-led by Australian bank Macquarie, but also includes US buyout giant Texas Pacific and Canadian firm Onex Corporation. However, the Australian government has backed the deal, and APA had moved to alleviate fears over reduced fights and potential job cuts.
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. With more than 36% of Qantas shares in its hands by the end of Thursday, APA had been counting on a late surge in shareholder support.
They also object to the involvement of overseas firms in such an Australian company. Yet this appears to have failed to materialise, with media reports in Australia suggesting it only gained 46% acceptance.
However, the Australian government has backed the deal, and APA has moved to alleviate fears over reduced fights and potential job cuts. If APA had passed the 50% mark before the Friday deadline, it would then have had another two weeks to get the figure up to 70% - the level at which it would be allowed automatically to buy out the remaining shareholders.
It has been offering $5.45 per share for the Australian airline, dubbed the Flying Kangaroo.
APA first announced its interest in Qantas six months ago.