Monday 23 October 2017

Qantas chief named air transport chairman

Qantas Chief Executive Officer Alan Joyce gives a news conference at the Qantas headquarters in Sydney. Photo: Reuters
Qantas Chief Executive Officer Alan Joyce gives a news conference at the Qantas headquarters in Sydney. Photo: Reuters
John Mulligan

John Mulligan

THE chief executive of Australian airline Qantas, Alan Joyce, has been named chairman of the influential International Air Transport Association.

The appointment comes as Qantas confirmed it has hired investment bank Macquarie in order to fend off any potential takeover attempts aimed at the airline after its shares plunged on the back of a profit warning last week.

Mr Joyce has confirmed the appointment of Macquarie as speculation mounted that private equity firms and other airlines could leap on the Australian carrier's distressed shares.

Last week the stock sank below A$1 as A$1bn (€795m) was wiped off its market value. But the shares jumped to more than A$1 again on news that Macquarie has been appointed.

Dubai-based Emirates has also hinted that it's interested in establishing a code-share agreement with Qantas. It has ruled out buying a stake in the airline, however.

Macquarie headed a A$11bn (€8.7bn) takeover bid for Qantas in 2006 in conjunction with private equity firms. The bid was pulled after managers declined to back it.

Irish Independent

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