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Takeover approach targets Qantas Takeover approach targets Qantas
(40 minutes later)
Australia's biggest airline Qantas has received a takeover approach from Macquarie Bank and Texas Pacific.Australia's biggest airline Qantas has received a takeover approach from Macquarie Bank and Texas Pacific.
"The approach is confidential and incomplete and is being investigated by Qantas," the airline said."The approach is confidential and incomplete and is being investigated by Qantas," the airline said.
News of the approach drove Qantas shares sharply higher to record highs of A$5.25. News of the approach drove Qantas shares up by as much as 20%, but they later fell back to close up just 1.6%.
Earlier reports had suggested Macquarie - an Australian merchant bank - was working on a bid worth up to 10.3bn Australian dollars ($8bn; £4.2bn).Earlier reports had suggested Macquarie - an Australian merchant bank - was working on a bid worth up to 10.3bn Australian dollars ($8bn; £4.2bn).
However, any offer for the company would have to overcome government imposed limits which restrict any single investor in the flag-carrier to a stake of 25%, while stakes owned by foreigners cannot exceed 49%. In a statement issued soon after the market closed, Macquarie said it had held preliminary "indicative talks" with Qantas over the possibility of a takeover.
Macquarie has been involved in a number of takeover bids recently, including unsuccessful offers for the London Stock Exchange and Associated British Ports. However, any offer for the company would have to overcome government-imposed limits, which restrict any single investor in the flag-carrier to a stake of 25%, while stakes owned by foreigners cannot exceed 49%.
Last month the firm acquired Thames Water for £8bn and the London bus operations of Stagecoach. Macquarie has been involved in a number of takeover bids recently, including unsuccessful approaches for the London Stock Exchange and Associated British Ports.
Last month, the firm acquired Thames Water for £8bn and the London bus operations of Stagecoach.