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Australia: Air New Zealand secures market entry with Virgin Australia purchase

 |  October 4, 2013

Air New Zealand has reportedly secured its entry into the Australian market following approval for the national air carrier to acquire a 25.9 percent stake in Virgin Australia Holdings.

The Australian Treasurer granted permission for the buyout, following suit of the Foreign Investment Review Board as well as the Australian Competition and Consumer Commission.

Air New Zealand will increase its stake in the Australian company in three-percent increments, first upping its share by three percent to 22.9 percent, then increasing it by another three percent after that. The agreement follows creep provisions under national law.

The news comes more than a decade after Air New Zealand and Virgin joined together following the fall-out of Australia’s Ansett airline in 2011.

Full Content: Scoop Independent News

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