Qatar Airways’ stake in Virgin Australia permitted | Australian Markets
Qatar Airways’ acquisition of a 25 per cent stake in Virgin Australia has been permitted by the federal authorities subject to situations.
Treasurer Jim Chalmers introduced the approval on Thursday, saying the proposal would ship more flights for Australians, create Australian jobs and strengthen competitors within the aviation sector.
“My decision aligns with the advice of the Foreign Investment Review Board (FIRB) that this proposal is consistent with the national interest,” he stated in a assertion.
The federal government approval adopted cross-government session by Treasury, participating the aviation industry, unions and different related stakeholders.
It follows the draft willpower by the Australian Competitors and Shopper Fee to permit the airways to interact in co-operative conduct underneath an built-in alliance for 5 years, main to twenty-eight new weekly return companies between Doha and Perth, Brisbane, Sydney and Melbourne.
Mr Chalmers stated he had permitted the proposal subject to legally enforceable situations to make sure Australian illustration on Virgin’s board and safety of its buyer information.
“The CEOs of Virgin Australia and Qatar Airways have written to me with assurances that this investment will create employment benefits and job growth opportunities for Australians,” he stated.
The proposal is predicted to offer a long-term pathway for Virgin Australia to operate its own long-haul flights.
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