Australia's former national airline succumbs to a friendly buyout requiring government approval
Australia's Qantas Airways has agreed to a friendly AU$11.1bn (£4.2bn) buyout offer led by Macquarie Bank and private equity firm Texas Pacific Group.
Whilst the consortium includes Canadian investment firm Onex, Allco Finance Group and Allco Equity Partners, it has been organised in such a way that the airline remains majority Australian owned. Managing director Geoff Dixon has put out a statement that he has been asked to stay on in the position and that his personal bonuses generated by the move would be given to a community charity trust.
The take-over requires government approval but knowing the Qantas board”s good relationship with Australia”s Conservative government this is not seen as a constraint.