Qantas (QAN) Takeover Target

Qantas (QAN) has been approached by Macquarie Bank and the Texas Pacific Group on behalf of a consortium they represent. "The approach is confidential and and incomplete and is being investigated by Qantas," the company said in a brief statement to the Australian Stock Exchange before the markets opened today. The news of a possible takeover rocked the share price, shooting it up to 20 percent higher to $5.25, compare this to the price for a Qantas share in June of just $2.93. There is a 49 percent cap on foreign ownership and a 25 percent cap on individual stakes: both which would pose as hurdles for the consortium. Texas Pacific and its parent company Newbridge Capital were among the consortium that bought the Myer retail business earlier this year.

Qantas Limited is listed on the Australian Stock Exchange (ASX) under stock code QAN. You can view their investor website here. QAN was listed on the ASX on 31 July, 1995. Geoff J Dixon is the CEO of Qantas Airways. Qantas (QAN) is involved in the operation of international and domestic air transportation services, the sale of worldwide and domestic holiday tours and associated support activities including catering, information technology, ground handling and engineering and maintenance. Find out the meaning of the recommendations in this primer. QAN was listed on the ASX on 14 March, 1996. Browse for other stockbroker recommendations. Check your charts and good luck with your share trading!