SYDNEY - Macquarie Bank Ltd and private equity group Texas Pacific Group are preparing a buyout proposal for Qantas Airways Ltd, the Australian Financial Review reported today.
The paper said market sources are saying it is not a question of if Macquarie is working on a bid, butwhen it is ready to pounce, and added that senior market players were taking seriously rumours of a bid of A$5.20 ($6.05) a share, valuing Qantas at nearly A$10 billion.
Qantas shares closed at A$4.35 on Tuesday.
The deal, although fraught with political difficulties, would involve Macquarie and associates taking a 25 per cent stake in Qantas, other Australian investors taking 25 per cent, Qantas senior management being asked to take 1 per cent and international players, led by Texas Pacific, taking the rest, the paper said.
That mix would allow the consortium to get round ownership restrictions that limit one individual entity to no more that 25 per cent of the airline, and international interests collectively owning no more that 49 per cent.
Qantas executives acknowledged the speculation, but declined to comment, the paper said.
The AFR reported earlier in November that a private equity group was eyeing Qantas, sending shares in the airline sharply higher.
