SYDNEY (XFN-ASIA) - Prime Minister John Howard said in an interview with the Australian Financial Review he is not in favor of using foreign investment rules to block an 11.1 bln aud for Qantas Airways Ltd by the
Macquarie Bank Ltd-led Airline Partners Australia (APA) consortium which comprises Australian and North American groups.
Howard warned of a 'savage reaction' from the business community if he interfered with the airline's management and insisted it is not his government's job to dictate how Qantas shareholders choose to sell their private property.
He also said he will not seek to cut the deal's heavy debt levels which is one of the issues causing concern in government ranks.
APA's 5.60 aud a share offer has been recommended by the Qantas board but requires government approval to proceed.
(1 usd = 1.26 aud)
bruce.hextall@xfn.com
blh/mas
Howard warned of a 'savage reaction' from the business community if he interfered with the airline's management and insisted it is not his government's job to dictate how Qantas shareholders choose to sell their private property.
He also said he will not seek to cut the deal's heavy debt levels which is one of the issues causing concern in government ranks.
APA's 5.60 aud a share offer has been recommended by the Qantas board but requires government approval to proceed.
(1 usd = 1.26 aud)
bruce.hextall@xfn.com
blh/mas