Manufacturing Industry
Ansett Employee Buyout Steering Committee proposes to acquire New Corp Ltd's Ansett stake - Brief Article - Statistical Data Included
Airline Industry Information, Jan 25, 2000
AIRLINE INDUSTRY INFORMATION-(C)1997-2000 M2 COMMUNICATIONS LTD
The Ansett Employee Buyout Steering Committee (AEBSC) made a proposal on 24 January to acquire New Corp Ltd`s 50% stake in Ansett Holdings Inc.
The AEBSC is backed by nine unions across Australia and is expected to discuss the proposal with News Corp Ltd in a meeting next week.
A spokesperson for AEBSC said that the proposal was in due diligence and that an initial expression of interest and a broad outline proposal has been forwarded to News Corp Ltd and Air New Zealand, which owns the other 50% of Ansett.
The airline employees are apparently being advised by Deutsche Bank AG and Keilin & Co, an investment bank based in the USA.
The proposal follows a failed bid in 1999 by Singapore Airlines to acquire the 50% stake after Air New Zealand threatened to use its preemptive right to stop the sale.
News Corp Ltd has so far made no comment on the proposal except to acknowledge that it was aware of the employees` interest. There has been no comment from Air New Zealand.
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