JAL Mileage Bank - Reuters: JAL to tap Qantas, other Oneworld partners for $6 billion IPO: sources

http://www.reuters.com/article/2012/03/29/us-jal-ipo-idUSBRE82S03S20120329

(Reuters) - Japan Airlines is planning to tap Australia's Qantas Airways (QAN.AX), British Airways' owner IAG (ICAG.L) and other members of the Oneworld alliance as investors in an initial public offering expected to be worth at least $6 billion, three people with knowledge of the carrier's strategy said.

Japan Airlines (JAL) is planning to raise a minimum of 500 billion yen ($6.03 billion) in a relisting of its shares in Tokyo that could come as early as September, sources have told Reuters. The IPO would allow a state-backed fund to recoup the 350 billion yen it injected into the company after its bankruptcy in 2010.

The former national flag carrier is eager to secure a group of stable shareholders and in Japan it is targeting banks, trading companies and other business partners as possible investors in the IPO.
The move to add Oneworld members to its roster of shareholders is aimed at bolstering overseas routes, a key plank of its rebuilding strategy. It would also help JAL reach a target of putting 10 to 20 percent of its stock in stable hands.
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IAG already told Nikkei they will be interested earlier...

July 2, 2012
Relearning to Fly at Japan Airlines
By HIROKO TABUCHI

Excerpt:

TOKYO — Japan Airlines’s initial public offering, expected in September, could be a monster affair.

After a reorganization with the help of Japanese taxpayers, the airline is posting record profits and healthy operating margins. It even expanded on Tuesday morning into budget air travel in a venture with Qantas Airways.

Analysts estimate that the airline could raise up to 700 billion yen ($8.8 billion) in the offering, making it the biggest anywhere in the world since Facebook listed in May. But the revival of JAL, once the world’s largest international carrier, is sparking debate in Japan on how, and to what extent, the government should rescue large companies that stumble.

Critics say the bailout has given JAL an unfair edge that distorts competition, and questions about its underlying health threaten to distract from the company’s return to the stock market. Whether its shares will be a good long-term investment is still to be seen, analysts say.

The biggest bone of contention is a provision that allows JAL to forgo $4.5 billion in tax payments on future profits. Japan’s other major airline, All Nippon Airlines, says it cannot possibly compete with its rival’s special deal and warns that ANA itself could be pushed to the financial brink.

Full article:

http://www.nytimes.com/2012/07/03/business/jal-a-bailout-beneficiary-heads-for-a-public-offering.html?ref=global-home

It's fairly safe to say they wont be getting money for either AA or QF given their current struggles. IAG perhaps.