Schwartz's Quantas hopes may fade

The report said 2,500 pilots each were planning to invest $39,000, giving them 1% of the company, to block the sale on concerns that the new owners would cuts jobs and sell assets.

By AVI KRAWITZ
December 19, 2006 07:40

Pilots at Quantas Airways are attempting to block the Australian airline's $8.8 billion buyout by Onex Corporation, controlled by Canadian businessman and renowned supporter of Israel Gerry Schwartz, and private equity group Airline Partners Australia, The Austrian newspaper reported Monday. The report said 2,500 pilots each were planning to invest $39,000, giving them 1% of the company, to block the sale on concerns that the new owners would cuts jobs and sell assets. The move would only be contemplated if the pilots knew they could recruit more than 10% of shareholders to reject the deal. Onex holds a 50% stake in the consortium that won the privatization tender Thursday.


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