Business Services Industry
Patrick seizes control of Virgin Blue.(Virgin Blue Airlines)(Brief Article)
Australasian Business Intelligence, March, 2005 by Harcourt, Tansy
Mar 20, 2005 (The Australian Financial Review - ABIX via COMTEX)
Australian transport group, Patrick Corporation, has gained control of the budget airline, Virgin Blue. Patrick has acquired 50.26 of the airline and has extended its hostile takeover bid. The successful takeover is likely to mean management changes at Virgin Blue. It is not clear if Sir Richard Branson will sell his 25.5 shareholding in Virgin Blue. The airline industry has suffered in recent months, due to the surging price of crude oil. Virgin Blue has also been locked in a war with Jetstar, the budget airline created by Qantas.
Publication Date: 19 March 2005
PATRICK CORPORATION LIMITED - ASX
PRK:
VIRGIN BLUE HOLDINGS LIMITED - ASX
VBA:...
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