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The Qantas Airways Ltd (ASX: QAN) share value ended the week on a excessive.
Qantas shares gained 1.44% on Friday to complete at $5.275. For perspective, the S&P/ASX 200 Index (ASX: XJO) fell 0.27% on the final day of the week.
Let’s check out what’s going on at Qantas.
What’s happening?
Qantas shares have lifted 16% since market shut on 24 August. Qantas launched FY22 outcomes revealing a statutory loss earlier than tax of $1.19 billion on 25 August. Nevertheless, the corporate additionally introduced a $400 million share buy-back.
In at present’s information, Qantas’ proposed acquisition of Alliance Aviation is going through extra opposition.
Katter’s Australian Get together chief Robbie Katter has written to the ACCC, voicing his issues concerning the takeover bid.
Qantas suggested of its plan to take over Alliance in Could. Alliance has 70 plane with as much as 100 seats, appropriate for constitution providers. Qantas believes the acquisition would imply QantasLink can compete within the “extremely aggressive constitution phase”. Nevertheless, this acquisition is topic to approval from the ACCC.
In a launch at present, Katter stated the merger “might solely have a detrimental impact on rural and distant prospects. He added:
I personally consider the entire acquisition of Alliance by Qantas will do little however intensify the huge issues already being skilled on the Mount Isa and comparable routes.
On 18 August, the ACCC expressed it has preliminary competitors issues with the proposed acquisition. ACCC chair Gina Cass-Gottlieb stated on the time:
We’re involved that this proposed acquisition is prone to considerably reduce competitors for air transport providers to and from regional and distant areas in Queensland and Western Australia for company prospects.
In the meantime, the nationwide cupboard has not too long ago agreed masks will now not be required on home flights in Australia from 9 September.
A Qantas spokeswoman welcomed the choice, telling the Monetary Overview it “brings Australia into line” with the USA, the UK and European international locations who’ve “not required masks onboard for a number of months”.
Qantas share value snapshot
Qantas shares are up 1% previously 12 months and are monitoring 5% increased 12 months to this point.
Prior to now month, the Qantas share value has surged practically 14%.
Qantas has a market capitalisation of greater than $9.9 billion based mostly on the present share value.
