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Written by / Agency / Source: Qantas Airways Limited

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Qantas Airways Limited Issues Statement on A Potential Merger with British Airways - In response to recent media speculation, Qantas Airways Limited confirms that it is exploring a potential merger with British Airways plc via a dual-listed company structure
Qantas Airways Limited Issues Statement on A Potential Merger with British Airways

 

NewswireToday - /newswire/ - Sydney, Australia, 2008/12/03 - In response to recent media speculation, Qantas Airways Limited confirms that it is exploring a potential merger with British Airways plc via a dual-listed company structure.

   
 
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There is no guarantee that any transaction will be forthcoming and a further announcement will be made in due course, if appropriate.

Any transaction would also comply fully with Qantas' obligations under the Qantas Sale Act and Australia's international Air Services Agreements.

Dealing Disclosure Requirements:
The proposed combination is subject to the United Kingdom's City Code on Takeovers and Mergers (the 'Code').

Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of British Airways or of Qantas, all 'dealings' in any 'relevant securities' of those companies (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of British Airways or of Qantas, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of British Airways or Qantas by British Airways or Qantas, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the website of the UK's Panel on Takeovers and Mergers ('Panel') at thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.

Issued by Qantas Corporate Communication (3863)

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Written by / Agency / Source: Qantas Airways Limited

 
 

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Qantas Airways Limited Issues Statement on A Potential Merger with British Airways

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Publisher Contact: Qantas Corporate Communication 
qantasmedia[.]qantas.com.au
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Qantas Airways Limited securities in any jurisdiction including any other companies listed or named in this release.

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