Originally Posted by
pauldb
I don't read it that way. 11.1 says that if you acquire 10% for CASH, any subsequent takeover offer must also be for CASH (with or without a share / share+cash alternative), at the same price or higher. (Contrast with 11.2, when an offer must be in securities.)
In other words by buying less than 10% QR have kept their options open to bid for more stock in a share-offer rather than a cash-offer. But since QR is not itself listed, IAG's shareholders aren't going to accept QR shares so this is a moot point.
So the explanation that they don't want to attract the EU's attention in relation to significant influence is more likely.
Interesting the Delta can own 49% of Virgin (no different to SQ before them) but FR have been told they have to sell their 29% of EI. Too much truble-making I guess.
I'm pretty sure it was just down to competition. Even if Delta bought out Virgin completely (which I know isn't legal) there would still be significant competition on the routes they fly. The objection with Ryanair and Aer Lingus was that it would wipe out almost all competition from Ireland. That's why there hasn't been too much concern about IAG buying out Aer Lingus - it still leaves a separate major Irish carrier.