QANTAS has swiftly hosed down speculation that the company behind Air Canada's passenger rewards program is planning to take a stake in a business that will own the flying kangaroo's frequent-flyer scheme.

The airline was forced into denying Aeroplan's involvement yesterday, after reports emerged out of Toronto that the giant rewards scheme firm was engaged in talks with Qantas about a purchase or an investment in the soon-to-be-created subsidiary.

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Details of Qantas's reorganisation plan are expected to be made public at its annual results briefing on Thursday, when it is due to deliver much higher profits of $1.06 billion.