Air New Zealand has lifted its stake in Virgin Australia to just under 23% but reiterated it has no intention of launching a takeover bid for its alliance partner.
The Kiwi carrier will increase its interest by 3% to 22.99% subject to approval from the Foreign Investment Review Board (FIRB) and Australian Competition and Consumer Commission.
Air NZ said it will consider raising its stake by a further 3% “to the extent it is permitted to do so under the Australian Corporations Act” and has made an application to the FIRB on that basis.
But the airline said it is not seeking a position on the Virgin Australia board “nor does it have the intention of obtaining control of Virgin Australia”.
“The additional interest affirms Air New Zealand’s strong belief and confidence in Virgin Australia and the strategy it is pursuing under the leadership of John Borghetti and his team,” Air NZ said.
