Australia's Alliance Aviation plunges as regulator blocks buyout by Qantas

Alliance Aviation Services

20/04/2023 01:42

** Shares of Alliance Aviation Services  AQZ.AX  plunge as
much as 11.1% to A$3.12, posting their biggest intraday pct loss
since June 14, 2022 
    ** AQZ hits lowest level since Jan. 10 
    ** The Australian Competition and Consumer Commission (ACCC)
says it will not approve Qantas Airways'  QAN.AX  acquisition of
charter flight services firm Alliance Aviation Services  AQZ.AX 
    ** "We consider Alliance to be an important competitor to
Qantas, and the removal of Alliance is likely to substantially
lessen competition" - ACCC Chair Gina Cass-Gottlieb 
    ** Qantas' offer for Alliance was A$610.8 mln ($409.54 mln)
    ** Qantas shares up as much as 1.5% at A$6.65
    ** As of last close, AQZ up 12.1% YTD 

($1 = 1.4914 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))