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Article: Patrick may sell part of Virgin Blue.
- Article from:
- Australasian Business Intelligence
- Article date:
- February 4, 2003
CopyrightCOPYRIGHT 2003 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Feb 04, 2003 (The Age - ABIX via COMTEX)
Australian transport group, Patrick Corporation, says it may be forced to sell part of its 50% stake in Virgin Blue Airlines. The Australian discount airline is a joint venture between Patrick and the UK's Virgin Group. On 4 February 2003, Patrick MD, Chris Corrigan, told shareholders that the company could be forced to sell up to five per cent of its stake to raise additional cash if Virgin Blue goes public. Under a formula agreed to in 2002 between Patrick and Virgin Blue, if the airline became a listed entity Patrick would pay Virgin $A30m for each $A100m of value achieved above $A600m of market value. With Virgin Blue ...