News: Virgin Tiger extends date

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Virgin Australia Holdings Limited (ASX:VAH) and Tiger Airways Australia have extended the date to meet certain conditions of the deal, including Foreign Investment Board approval.

 

The extension comes after the competition regulator approved Virgin Australia's bid to buy 60 per cent of Tiger Australia from its Singapore parent.

 

As a result, it is expected that the deal will complete by mid-July 2013.

 

Virgin announced yesterday that former Qantas executive Rob Sharp will head up budget carrier Tiger Airways Australia.

 

Mr Sharp, who has 15 years experience at Qantas, will start as Tiger Australia's chief executive today.

 

Virgin Australia generated a net profit of $23 million in the first half of the current financial year