Regulator rejects Qantas takeover bid

AUSTRALIA’S takeover regulator has scuttled an A$11 billion (€6.64bn) bid for Qantas Airways after refusing yesterday to allow late support from a major shareholder who missed a deadline to accept the offer.

Analysts said the world’s largest airline buyout was effectively dead after the takeovers panel rejected an appeal from the bid group to include the late acceptance and so allow the offer to proceed.

However, the bid group, which includes Macquarie Bank and private equity firm Texas Pacific Group, said it would appeal the decision.