Air NZ ups Virgin Australia stake to maximum 25.99%

Air New Zealand 12-month price history (NZX.com)

Air New Zealand [NZX: AIR] has increased its cornerstone shareholding in Virgin Australia to the maximum allowed under that nation's foreign investment rules.

The Auckland-based airline now owns 25.99 percent of the Australian budget carrier, from a previous 24.46 percent, it said in a statement. The company has lifted its stake 3 percent since October last year, when it sought approval from the Australian Treasurer after gaining consent from the Foreign Investment Review Board and the Australian Competition and Consumer Commission. The current level is the maximum allowed by Australia's foreign investor regulator.

Air New Zealand formed a partnership with Virgin, providing links with its flights into Australia, after the failure of its Australian-based airline Ansett in 2001. Virgin Australia's other major shareholders are Virgin Group and Singapore Airlines.

The shares in Air NZ rose 0.2 percent to $2.265, edging off last Thursday's seven-year high of $2.27, and have advanced 38 percent this year.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7257 0.0037 0.51%
AUD 0.9574 0.0000 0.00%
EUR 0.6482 0.0031 0.48%
GBP 0.5538 0.0036 0.65%
HKD 5.6263 0.0266 0.48%
JPY 74.0230 0.3790 0.51%

Commods

Commodity Price Change Time
Gold Index 1322.6 -0.520 2016-08-26T00:
Oil Brent 50.1 0.060 2016-08-26T00:
Oil Nymex 47.6 0.310 2016-08-26T00:
Silver Index 18.6 0.160 2016-08-26T00:

Indices

Symbol Open High Last %
NZX 50 7391.3 7394.0 7391.3 -0.33%
NASDAQ 5223.8 5245.1 5218.9 0.47%
DAX 10503.9 10566.7 10587.8 -0.41%
DJI 18421.3 18523.1 18395.4 0.67%
FTSE 6816.9 6857.3 6816.9 0.31%
HKSE 22904.2 22922.7 22909.5 -0.38%
NI225 16631.1 16764.6 16360.7 2.30%
ASX 5515.5 5516.7 5515.5 -0.84%