Australia's Qantas Airways has received a buyout offer from investment firms Macquarie Bank and Texas Pacific Group that could be worth more than A$10 billion (€6 billion), sending its shares up 15 per cent.
"The approach is confidential and incomplete and is being investigated by Qantas," the airline said in a statement, after a newspaper reported that a Macquarie-led buyout possibly worth A$10.3 billion was in the works.
A deal, which could rival US Airways Group's $8 billion (€6.18 billion) bid for Delta Air Lines, would mark a change in strategy by private equity groups that had been hunting for cash-rich retail and media assets in Australia.
However, private equity firm Texas Pacific, associated with David Bonderman, Ryanair chairman, has always chased airlines.
Its first deal was the rescue of Continental Airlines in 1993. It has held stakes in the former America West and Ryanair and has previously bid for stakes in Air Canada and South African Airways.
Investment bank Macquarie, for its part, has chased everything from top Australian ports group Patrick to the London Stock Exchange over the past year.
A Qantas spokesman could add nothing further to its statement and Macquarie declined to comment.
Qantas shares soared to a record A$5.25 and closed up 15 per cent at A$5.00.
