KEY POINTS:
SYDNEY - Australia's Qantas Airways plans to spend about A$1.05 billion ($1.22 billion) to buy back up to 10 per cent of its issued capital, a newspaper report across the Tasman said today.
The share buyback will be Qantas' first since it listed in 1995, the Australian Financial Review newspaper reported without citing sources.
Qantas, which has a market value of A$10.5 billion, is expected to announce its plans later today and may seek permission for further buybacks at its annual meeting in November, the paper said.
Qantas, which failed to secure a U$S9 billion private equity bid in May, has said it might spin off some freight operations and other units or return billions of dollars to shareholders as part of the company's restructuring plans.
- REUTERS
