Shareholder - at the end NZ owned all of AN, and SQ around a quarter of NZ.

SQ wanted AN, but NZ insisted on taking up first right to buy the lot from that great Amerikan, Rupert Murdoch's News Limited.

QF offered a deal for SQ to take AN, and in return QF would get an anchor into NZ, but was laughed at.

SQ has been licking its wounds from failed investments in existing foreign airlines, having lost huge paper value having bought 49% of Virgin Atlantic at a premium price, and lost almost all of what it paid for NZ shares.

Perhaps SQ would do better starting a new Australian operation from scratch, and using the AN name. Clearly SQ need a domestic feeder in Australia, as does the whole Star Alliance.

Virgin Blue is not quite SQ's cup of tea, especially with the way Patrick Partners run things, and Branson plays up the hype.

Koala