Air New Zealand Acquires Stake in Virgin Blue

AIR NEW ZEALAND has notified the Australian and New Zealand Stock Exchanges that it has become a substantial shareholder in Virgin Blue, as part of a planned acquisition of a shareholding of between 10% and 14.99%.
Air New Zealand’s CEO, Rob Fyfe says the company has no intention of making a takeover bid for Virgin Blue.  “The investment in Virgin Blue is part of Air New Zealand’s strategy to develop scale and reach in this region.  The Tasman alliance with Virgin Blue was the first step in this strategy.  This investment cements the emerging relationship between the two airlines and demonstrates the confidence we have in Virgin Blue both as an entity and as a partner for Air New Zealand.”