Alliance Aviation soars most in 2 years on Qantas offer to buy remainder stake

Alliance Aviation Services

05/05/2022 01:40

** Alliance Aviation Ltd  AQZ.AX  soars as much as 27% to
A$4.47, its biggest intraday pct jump since May 2020
    ** Qantas Airways  QAN.AX  enters agreement https://investor.qantas.com/DownloadFile.axd?file=/Report/ComNews/20220505/02518439.pdf
 with the aviation services provider to buy the remaining 80%
stake in it or A$610.8 mln ($442.95 mln) in an all-stock deal
 urn:newsml:reuters.com:*:nL3N2WW3KV
    ** AQZ gets A$4.75 apiece scrip offer - representing an over
35% premium to last close, valuing the whole of AQZ at A$764.5
mln
    ** QAN sees benefits from fleet expansion as it looks to
cater to increasing demand from resources sector in Western
Australia and Queensland
    ** AQZ recommends shareholders vote in favour of deal
    ** AQZ hits highest since Aug 6, top gainer in the ASX All
Ordinaries index  .AORD 
    ** About 364,000 shares change hands, vs the 30-day average
volume of 55,770 shares
    ** QAN shares down 1.8% at A$5.57 as at 0030 GMT
    ** AQZ down 14.4% this year, as of last close, vs a 2.8%
decline in the ASX All Ordinaries index

      ($1 = 1.3789 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))