KEY POINTS:
Qantas has sold its entire 4.2 per cent stake in Air New Zealand overnight.
Air New Zealand said today that Qantas had advised it after the close of the market yesterday that it was disposing of the shareholding.
"Air New Zealand has been advised that the placement was successfully concluded with all of Qantas' shares globally sold to institutional investors with particular support in New Zealand and Australia."
Air New Zealand said it was pleased with the strong demand shown.
Qantas' 4.2 per cent interest in Air New Zealand was acquired when the two companies were discussing a strategic alliance.
"The sale of Qantas' shareholding is an important event as it increases the number of shares available to be traded by both retail and institutional investors," Air New Zealand said.
Air New Zealand shares closed at $2.90 yesterday, having ranged in the past year between a high of $3.13, reached earlier this month, and $1.08 last August.
- NZPA
