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Article: Qantas Gets Part of Air New Zealand
- Article from:
- AP Online
- Article date:
- November 25, 2002
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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WELLINGTON, New Zealand (AP) _ Qantas Airways will acquire 22.5 percent
of Air New Zealand In a deal that caps nearly a year of talks between
the two airlines.
The deal announced Monday calls for Qantas to invest as $550 million
New Zealand dollars ($272 million) into the New Zealand airline, which
is 82 percent owned by the government after a bailout last year.
The Qantas purchase will allow the airlines to rationalize their operations
and international services to form a strong Australasian airline group,
Air New Zealand said.
"This is a major decision that will shape the future of Air New Zealand
... and an initiative which will bring tremendous economic gain ...