Manufacturing Industry
Patrick Corp would be content with controlling stake in Virgin Blue - claim
Airline Industry Information, Feb 3, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
A controlling stake in Virgin Blue would be enough, according to Patrick Corp, an Australian transport group.
The group has said that it would be satisfied with a controlling stake as it wants to make strategic changes to the budget carrier, including moves to attract business travellers. These moves would counter competition from Jetstar, a Qantas-owned budget airline.
Patrick Corp made an offer for Virgin Blue last week, but was turned down with the explanation that the offer was too low. Patrick so far holds a 45.95% stake in the airline, Reuters reported.
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