Country Report Australia October 1996 Main report

Business news: Air New Zealand takes 50% of Ansett Airlines

In early September Air New Zealand announced that it had acquired TNT's 50% stake in Ansett Airlines for A$325m. In addition, Air New Zealand has agreed to inject A$150m into the airline as part of the purchase agreement. The executive chairmanship of Ansett is to remain with News Corp, which owns the other 50% stake in the airline, for at least another five years.

© 1996 The Economist lntelligence Unit Ltd. All rights reserved
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