Outfitter eyes selling Qantas stake

Australian bushman's outfitter RM Williams has flagged the possibility of selling its 12.5 per cent stake in Qantas New Zealand to Qantas Airways, says the Sydney Morning Herald.

Qantas was moving to assume direct control of Qantas New Zealand, at present operating as a Qantas franchise, the newspaper reported.

In answer to a shareholder's question at Wednesday's annual meeting in Sydney, RM Williams chairman Ken Cowley said he did not consider the stake in Qantas New Zealand to be a long-term investment.

RM Williams bought its holding in Qantas New Zealand, formerly Rupert Murdoch-owned Ansett New Zealand, in March for $4.5 million, with other shareholders believed to comprise mainly individual New Zealand investors.

Speaking after the meeting, Mr Cowley said his company enjoyed a good relationship with Qantas, but no discussions had taken place yet about a change of ownership at Qantas New Zealand.

Qantas New Zealand has begun to build market share again after slipping to about 40 per cent of the New Zealand domestic market.

Mr Cowley, a former Ansett Australia and News Corporation executive, has been executive chairman of Ansett New Zealand for the past three years.

- NZPA