Air NZ ups Virgin Australia stake to maximum 25.99%

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

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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 0.6355 -0.0103 -1.59%
AUD 0.8931 -0.0107 -1.18%
EUR 0.5662 -0.0101 -1.75%
GBP 0.4135 -0.0055 -1.31%
HKD 4.9238 -0.0818 -1.63%
JPY 76.9810 -1.3310 -1.70%

Commods

Commodity Price Change Time
Gold Index 1134.7 1.380 2015-08-31T00:
Oil Brent 54.1 4.100 2015-08-31T00:
Oil Nymex 49.2 3.980 2015-08-31T00:
Silver Index 14.6 0.040 2015-08-31T00:

Indices

Symbol Open High Last %
NZX 50 5656.2 5664.2 5656.2 -0.41%
NASDAQ 4798.7 4824.6 4828.3 -1.07%
DAX 10201.0 10273.5 10298.5 -0.38%
DJI 16632.0 16632.0 16643.0 -0.69%
FTSE 6192.0 6247.9 6192.0 0.90%
HKSE 21793.0 21793.0 21612.4 0.27%
NI225 19007.0 19019.6 19136.3 -1.28%