Qantas has ‘no plans to decrease its holdings in Alliance’ in response to ACCC

    Qantas commented (01-Aug-2019) on its 19.9% stake in Alliance Aviation Services Limited, stating it has “no plans to decrease its holdings in Alliance”. Qantas stated it does “not believe there is any evidence of a lessening competition” as a result of its stake in the company and it “invested in Alliance because it is a profitable, well-managed business with attractive levels of exposure to the resurgent resources market”. Qantas further stated it is respectful of the Australian Competition and Consumer Commission (ACCC) and has “agreed not to expand” its shareholding while the ACCC continues its investigation. Qantas noted it has “not sought any management control or a board seat” and remains as a passive investor and is not contingent on reaching a majority position.