SIA WILL buy Ansett and its CEO expects to join Star this year !
Mar 25, 1999 | 1:07 am
#1
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SIA WILL buy Ansett and its CEO expects to join Star this year !
Hi people.
Singapore Air. is confirmed to buy the 50% Ansett stake and the CEO confirms that HE expects SIA to join Star this year !
News under travel-asia .
MMM
http://www.travel-asia.com/ dailies/airline.htm
Singapore Air. is confirmed to buy the 50% Ansett stake and the CEO confirms that HE expects SIA to join Star this year !
News under travel-asia .
MMM
http://www.travel-asia.com/ dailies/airline.htm
Mar 25, 1999 | 1:35 am
#2
Original Member
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Location: CH-3823 Wengen Switzerland
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Posts: 27,043
that's (StarAlliance) great for me.
http://www.travel-asia.com/dailies/airline.htm
in front of the URL, and
[This message has been edited by Rudi (edited 03-25-99).]
http://www.travel-asia.com/dailies/airline.htm
in front of the URL, and
[This message has been edited by Rudi (edited 03-25-99).]
Mar 25, 1999 | 3:51 pm
#3
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Join Date: May 1998
Location: Los Angeles, CA
Posts: 6,879
News Ltd. and Singapore Airlines Ltd. Issue Joint Statement: News to Sell Ansett Stake to Singapore Airlines
March 25, 1999 4:07 PM EST
MELBOURNE, Australia--(BUSINESS WIRE)--March 25, 1999--News Ltd. and Singapore Airlines Ltd. (SIA) Thursday announced that they have reached an understanding for News to sell its 50 percent shareholding in Ansett Holdings Ltd. to SIA for A$500 million.
This is subject to a number of conditions, including regulatory approvals, due diligence, Air New Zealand Ltd.'s pre-emptive right to buy News' stake in place of SIA, and the conclusion of a sale and purchase contract.
If these conditions are satisfied, the transaction is expected to be finalized early in the second half of 1999.
News and Air New Zealand each currently own 50 percent of Ansett.
News Chairman and Chief Executive Officer Lachlan Murdoch said: "While aviation has not been a core News Ltd. activity, we have been determined to see Ansett return to financial viability before selling our interest.
"Ansett's business-recovery program, which is still continuing under Rod Eddington, has been a great success, and we are pleased to be leaving the airline in such good condition.
"We are confident that SIA, one of the world's best airlines, is ideally positioned to ensure Ansett's continued growth and business recovery."
SIA Deputy Chairman and CEO Dr. Cheong Choong Kong said: "SIA has long enjoyed a close relationship with Australia, Australian international travelers, Australian inbound international tourism and Ansett.
"SIA is growing in response to the increasingly global needs of airline travelers, and this major financial commitment to the Australian market is a logical development in that strategy.
"Having two airline owners will help Ansett grow and develop, ensuring that airline travelers enjoy the product, service and price benefits available in competitive markets.
"We look forward to working with Ansett Executive Chairman Rod Eddington, his management team and staff, and with our commercial alliance partner and fellow Ansett shareholder, Air New Zealand, to continue to support Ansett's recovery and development.
"SIA sees Ansett as an Australian airline. It has a strong brand image, which we value, and a quality customer base. Ansett's strong domestic network and our own extensive international network complement each other perfectly.
"We want to assist Ansett to become a stronger and more competitive Australian domestic and international carrier.
"In short, SIA and Ansett are an excellent fit. Our preliminary assessment is that the investment in Ansett is expected to have a positive impact on SIA's earnings from year one."
Eddington was recruited as executive chairman of Ansett in early 1997. Subsequent initiatives he and his team have introduced include Ansett's business-recovery program, an ACCC-approved commercial alliance with Air New Zealand and SIA and, from the end of this month, Ansett's membership in the global Star Alliance of airlines.
SIA has asked that Eddington remain in his role as Ansett's executive chairman for at least two years. He will also continue to retain his position as deputy chairman of News Ltd. and membership in the News Corp. Executive Committee.
SIA operates a fleet of 89 aircraft to 72 destinations in five continents and has continued to perform well, despite the Asian economic crisis. For the financial year ended March 31, 1998, SIA's revenue was S$7,724 million (A$7,152 million) and its pretax profit S$1,172 million (A$1,085 million).
As at March 31, 1998, shareholders' funds amounted to S$11,380 million (A$10,537 million) and net tangible assets per share were S$8.87 (A$8.21). In the half-year ended Sept. 30, 1998, SIA's revenue was S$3,765 million (A$3,486 million) and its pretax profit S$510 million (A$472 million).
Ansett Australia operates a fleet of 102 aircraft to 152 destinations in Australia, Asia and the Pacific. For its last financial year, ended June 30, 1998, Ansett's group revenue was A$3,505 million and its trading profit was A$28 million.
Ansett's business-recovery program contributed to a strong performance for the recently reported half-year to Dec. 31, 1998, with the Ansett group recording a trading profit of A$112.5 million for the six months, an increase of A$46.1 million compared with the same period in 1997. Group trading revenue for the six months to December 1998 was A$1,664 million.
March 25, 1999 4:07 PM EST
MELBOURNE, Australia--(BUSINESS WIRE)--March 25, 1999--News Ltd. and Singapore Airlines Ltd. (SIA) Thursday announced that they have reached an understanding for News to sell its 50 percent shareholding in Ansett Holdings Ltd. to SIA for A$500 million.
This is subject to a number of conditions, including regulatory approvals, due diligence, Air New Zealand Ltd.'s pre-emptive right to buy News' stake in place of SIA, and the conclusion of a sale and purchase contract.
If these conditions are satisfied, the transaction is expected to be finalized early in the second half of 1999.
News and Air New Zealand each currently own 50 percent of Ansett.
News Chairman and Chief Executive Officer Lachlan Murdoch said: "While aviation has not been a core News Ltd. activity, we have been determined to see Ansett return to financial viability before selling our interest.
"Ansett's business-recovery program, which is still continuing under Rod Eddington, has been a great success, and we are pleased to be leaving the airline in such good condition.
"We are confident that SIA, one of the world's best airlines, is ideally positioned to ensure Ansett's continued growth and business recovery."
SIA Deputy Chairman and CEO Dr. Cheong Choong Kong said: "SIA has long enjoyed a close relationship with Australia, Australian international travelers, Australian inbound international tourism and Ansett.
"SIA is growing in response to the increasingly global needs of airline travelers, and this major financial commitment to the Australian market is a logical development in that strategy.
"Having two airline owners will help Ansett grow and develop, ensuring that airline travelers enjoy the product, service and price benefits available in competitive markets.
"We look forward to working with Ansett Executive Chairman Rod Eddington, his management team and staff, and with our commercial alliance partner and fellow Ansett shareholder, Air New Zealand, to continue to support Ansett's recovery and development.
"SIA sees Ansett as an Australian airline. It has a strong brand image, which we value, and a quality customer base. Ansett's strong domestic network and our own extensive international network complement each other perfectly.
"We want to assist Ansett to become a stronger and more competitive Australian domestic and international carrier.
"In short, SIA and Ansett are an excellent fit. Our preliminary assessment is that the investment in Ansett is expected to have a positive impact on SIA's earnings from year one."
Eddington was recruited as executive chairman of Ansett in early 1997. Subsequent initiatives he and his team have introduced include Ansett's business-recovery program, an ACCC-approved commercial alliance with Air New Zealand and SIA and, from the end of this month, Ansett's membership in the global Star Alliance of airlines.
SIA has asked that Eddington remain in his role as Ansett's executive chairman for at least two years. He will also continue to retain his position as deputy chairman of News Ltd. and membership in the News Corp. Executive Committee.
SIA operates a fleet of 89 aircraft to 72 destinations in five continents and has continued to perform well, despite the Asian economic crisis. For the financial year ended March 31, 1998, SIA's revenue was S$7,724 million (A$7,152 million) and its pretax profit S$1,172 million (A$1,085 million).
As at March 31, 1998, shareholders' funds amounted to S$11,380 million (A$10,537 million) and net tangible assets per share were S$8.87 (A$8.21). In the half-year ended Sept. 30, 1998, SIA's revenue was S$3,765 million (A$3,486 million) and its pretax profit S$510 million (A$472 million).
Ansett Australia operates a fleet of 102 aircraft to 152 destinations in Australia, Asia and the Pacific. For its last financial year, ended June 30, 1998, Ansett's group revenue was A$3,505 million and its trading profit was A$28 million.
Ansett's business-recovery program contributed to a strong performance for the recently reported half-year to Dec. 31, 1998, with the Ansett group recording a trading profit of A$112.5 million for the six months, an increase of A$46.1 million compared with the same period in 1997. Group trading revenue for the six months to December 1998 was A$1,664 million.
Apr 4, 1999 | 3:51 pm
#4
Join Date: Mar 1999
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not so fast...
Air New Zealand has a first right of refusal on the News Ansett holding, and the latest is that they may purchase the other 50% and SIA may take a 15% holding in NZ for about NZ$140m.
I can't see this affecting SIA joining Star.
Air New Zealand has a first right of refusal on the News Ansett holding, and the latest is that they may purchase the other 50% and SIA may take a 15% holding in NZ for about NZ$140m.
I can't see this affecting SIA joining Star.
Apr 4, 1999 | 7:54 pm
#5
Guest
Posts: n/a
Yes
The word in the newspapers down under is that Air New Zealand has the option, the will and most importantly the cash.
I'll put my money on Air New Zealand taking over Ansett.
Either way there is a real chance that we may see the Ansett brand disappear (at least in Australia)
cheers Peter
The word in the newspapers down under is that Air New Zealand has the option, the will and most importantly the cash.
I'll put my money on Air New Zealand taking over Ansett.
Either way there is a real chance that we may see the Ansett brand disappear (at least in Australia)
cheers Peter