The Qantas Group notes the ACCC’s recent statement on the 19.9% stake it has held in Alliance Aviation Services Limited (Alliance) since February 2019.
Qantas has invested in Alliance because it is a profitable, well-managed business with attractive levels of exposure to the resurgent resources charter market.
As we made clear when announcing our stake, we have not sought any management control or a Board seat and remain a passive investor in Alliance.
We do not believe there is any evidence of a lessening of competition as a result of our minority stake, nor any reasonable prospect that there will be. To the contrary, Alliance Aviation has extended the services it offers to the market in recent months.
Qantas has no plans to decrease its holding in Alliance.
We respect the role of the ACCC and have agreed not to expand our shareholding in Alliance while the ACCC continues its investigation. We continue to cooperate fully with the ACCC’s inquiries.
Qantas has been completely transparent in its goal to ultimately seek ACCC permission to take a majority stake in Alliance, but acknowledges the regulatory challenges this poses. Our current stake is not contingent on reaching a majority position.