11 March 1996 - 3 December 2007
Joint Release By the Treasurer and the Deputy Prime Minister, Minister For Transport and Regional Services
Foreign Investment Case: Acquisition by Air New Zealand Limited of the News Corporation's 50 Per Cent Interest in Ansett Holdings Limited
Approval has been given today, under the Governments foreign investment policy, to the proposal by Air New Zealand Limited to acquire the 50 per cent interest held in Ansett Holdings Limited (Ansett) by The News Corporation Limited. This decision was taken by the Treasurer in consultation with the Deputy Prime Minister, the Minister for Transport and Regional Services in relation to the policy requirements of his portfolio responsibility. Also taken into account were a number of submissions on the proposal.
The Governments decision in relation to this proposal is subject to conditions requiring that:
In addition, the following conditions attached to the Treasurers approval of 18 September 1996 for the acquisition by Air New Zealand of a 50 per cent interest in Ansett will continue to apply:
These conditions are designed to ensure that Ansetts activities remain centred in Australia and contribute to strong competition in Australias airline carrier market. The conditions will ensure that there is no reduction in Ansett network services in regional Australia as a result of the transaction. They will also ensure that significant benefits will accrue to Australia as a consequence of Air New Zealands commitment to pursue growth opportunities for the Ansett/Air New Zealand Group into and out of Australia primarily through Ansett International Limited.
The Government has advised Air New Zealand that approval of this proposal is in acknowledgement of Air New Zealands stated intention to promote and develop Ansett and Ansett International as world class, competitive airlines within the Ansett/ANZ Group and that the Government supports this intention.
Office of the Deputy Prime Minister and