Qantas hits 14-month low as carrier drops $386 mln Alliance buyout bid

Alliance Aviation Services

19/10/2023 01:36

** Shares of Qantas Airways  QAN.AX  fall as much as 3.7% to
A$4.68, hitting their lowest since Aug 2022
    ** Australia's flag carrier dumps the proposed A$611 mln
($386.34 mln) bid to buy Alliance Aviation Services  AQZ.AX  
    ** News comes after the Australian Competition and Consumer
Commission (ACCC) had in April denied authorisation for the
acquisition
    ** QAN and AQZ believe buyout would have beefed up customer
value without negatively affecting competition in the resources
sector
    ** AQZ shares were up 0.6%
    ** Stock down 19.1% this year, as of last close 

   ($1 = 1.5815 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))