Qantas has no plans to increase stake in Alliance as ACCC investigates

Company News

by Rachael Jones

Qantas (ASX:QAN) has agreed to not expand its stake in regional carrier Alliance Aviation while the ACCC investigates what the shareholding could mean for competition in the aviation industry.

On February 1 Qantas said it had spent $60 million to build a 19.9 per cent shareholding in Alliance, with the longer term view to take a majority position in the company, pending regulatory approval.

Qantas do not believe there is any evidence of a lessening of competition as a result of their minority stake, nor any reasonable prospect that there will be.

Shares in Qantas (ASX:QAN) are trading 0.35 per cent higher at $5.73.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.