傳併澳航 英航股價大漲
2008-12-04 中國時報 【鍾玉玨／綜合三日外電報導】
上半年盈收重挫九成的「英國航空公司」（ＢＡ）宣布正與「澳洲航空公司」（
Qantas）討論以「兩地掛牌上市結構」（dual-listed company structure）合併的可能
，同時亦繼續研究是否與西班牙「伊比利航空」（Iberia）、美國「美利堅航空」（
American Airlines）策略合併。若英航、澳航最終能合併成功，將成為全球最大的航空
公司。消息傳出，英航股價大漲一二．四六％。
英航表示，合併後公司將採取同時在澳洲和英國兩地掛牌上市的結構，但強調，這
並不意味合併談判一定能夠成功。
在雪梨，澳航稱，交易必須遵守澳洲政府規定，包括澳航必須擁有五一％司的控股
權。澳洲政府一日提議，將外資對澳航的控股上限由三五％提高至四九％，為英航與澳航
以一比一方式互換股權開了方便之門。
http://news.chinatimes.com/2007Cti/2007Cti-News/2007Cti-News-Content/0,4521,11
0504+112008120400362,00.html
http://0rz.tw/6a5br
Australia Open To BA/Qantas Merger, Not Takeover
December 3, 2008
Australia said it is open to a USD$5.9 billion merger between Qantas Airways
and British Airways as long as it's not a takeover, sending the Australian
carrier's shares up nearly 10 percent.
Qantas and BA said on Tuesday they were in talks to form a dual-listed
airline, a latest move in an industry desperate to reduce costs as
recession-hit businesses and tourists curb travel.
But Australia's Labor government, which traditionally relies on trade unions
for its power base, threatened to slam the door shut if it felt Qantas was
effectively being taken over.
"Our bottom line is the 'Flying Kangaroo' remains majority Australian-owned
and based," Treasurer Wayne Swan told reporters.
Ministers flagged any deal would have to meet the national interest and
should not amount to a takeover of Qantas.
"Were that to be the case, the government would certainly not support it,"
Transport Minister Anthony Albanese told state radio.
"I would support that type of (merger) move," said Angus Gluskie, of White
Funds Management which owns Qantas shares, citing a need to cut costs given
falling demand and the risk of global recession.
But another Australian fund manager, who declined to be identified, said
Qantas was unlikely to yield much more cost savings from a merger with BA
than it could already achieve through its current code-sharing partnership.
Others said it was too early to comment without knowing the terms of any deal.
"In principle, there's nothing wrong with it. The issue is what's the merger
ratio. Does it reflect the value of the Qantas franchise, and how big are the
synergies?" said Paul Fiani, managing director of Integrity Investment
Management.
Fiani, then at UBS Asset Management, was one of two fund managers who
scuppered an USD$11 billion private equity bid for Qantas last year.
The other major shareholder who opposed that deal, Balanced Equity
Management, declined to comment.
On Tuesday, BA shares surged 17.5 percent after it said it was exploring a
tie-up with its fellow OneWorld alliance member. BA once owned 25 percent of
Qantas, but sold out in 2004.
BA, whose GBP1.8 billion pound (USD$2.7 billion) market value is only a
fraction smaller than Qantas', also said merger talks were continuing with
Spain's Iberia to form the world's third-largest airline.
The value of announced mergers in the airline industry has already risen 10
percent from last year to a record USD$20 billion from 113 deals, according
to data compiler Dealogic.
A three-way tie-up between BA, Iberia and Qantas would create the world's
biggest airline, with combined scheduled passenger kilometers flown of almost
270 billion a year, comfortably overtaking American Airlines' 222.8 billion.
Qantas did not mention Iberia in its short statement and declined to make any
further comment.
Analysts said the move was in line with BA's strategy of taking a lead in
industry consolidation to put itself in better shape to deal with
increasingly tough times.
For Qantas, a merger would open up the European market.
"It will be a partnership that is mutually beneficial. It does help Qantas...
get entrenched in that European market more effectively," said Derek Sadubin,
chief operating officer of the Centre for Asia Pacific Aviation, a
Sydney-based consultancy.
Analysts said a three-way combination looked a long way off, however, given
that talks with Iberia were first announced in July and have stalled on
worries over BA's pension deficit.
"I would see the priority of things being the Iberia merger talks and the
Iberia/American anti-trust immunity before any deal is done with Qantas,"
said NCB analyst Neil Glynn.
British Airways, Iberia and American Airlines said in August they had filed
for US antitrust immunity in order to cooperate commercially on flights
between North America and Europe.
Under Australian law, Qantas, the world's 10th largest airline by market
value, cannot be majority owned by foreigners and must maintain its
headquarters and its stock listing at home.
Australia's pilots and transport workers' unions, which opposed last year's
bid, pressed for keeping jobs in Australia.
"We don't want Qantas to collapse under any arrangement that isn't well
thought through," Transport Workers Union National Secretary Tony Sheldon
told reporters.
(Reuters)
http://news.airwise.com/story/view/1228297745.html
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