Aquaria deal tipped to proceed

by GEOFF SENESCALL

Aquaria 21 is still expected to do a deal with the owners of the new Melbourne aquarium, despite the recent outbreak of the deadly Legionnaire's disease.

This is because Oceanis Australia apparently has a comprehensive insurance policy to cover it from any losses resulting from the epidemic, which has killed two people so far and affected another 41 including two New Zealanders.

Australian health authorities this week issued a worldwide alert warning tourists who visited the Melbourne aquarium that they could be at risk from the disease.

Sources said the main holdup with the deal proceeding was coming from the listed Australian cash box Bliss Corporation.

The intention had been to back the assets of Oceanis and Aquaria 21 into Bliss. In return Aquaria 21, which owns the Shanghai Aquarium and a development in Seoul, would get Bliss shares. The proposal was to then onsell these shares to create a listed cash box.

If Bliss decided not to do the deal, sources said that Aquaria 21 would do a deal directly with Oceanis.

Aquaria on Thursday indicated that the deal with Bliss had become unstuck.