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Qantas and Australian to Merge:
The Australian government has announced a radical change to its policy on the privatisation of Australian Airlines and Qantas which will see the two airlines merge and a minimum of 70% of the equity in the newly created carrier sold off.
Previously, all of Australian Airlines but only 49% of Qantas was to be sold. The new arrangement was suddenly announced by the Prime Minister at the end of May on national television without serious discussion with Caucus, the ministers involved or the various transport policy committees within Parliament. The plan basically involves Qantas acquiring Australian’s total assets, the new airline presenting the possibility of earning a much higher price from the sale of an equivalent of 70% of its stock than might have been possible under the previous arrangement. On June 1, the Caucus and Cabinet voted to endorse the policy initiative and to canvass the possibility of 100% of the merged airline being offered in a public share float with a maximum of 35% total foreign ownership.
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