http://news.smh.com.au/breaking-news-business/air-nz-increases-vi...

http://news.smh.com.au/breaking-news-business/air-nz-increases-virgin-interest-20130606-2nrbo.html

Air New Zealand is increasing its stake in Virgin Australia, but says it has no intention of taking control of the airline.

Air New Zealand intends to take a further three per cent interest in Virgin Australia, raising its ownership level to 22.99 per cent.

The Foreign Investment Review Board and Australian Competition and Consumer Commission need to approve the move before it is finalised.

"The additional interest affirms Air New Zealand's strong belief and confidence in Virgin Australia and the strategy it is pursuing under the leadership of John Borghetti and his team," Air New Zealand said in a statement on Thursday.

Advertisement
"Air New Zealand is not seeking a position on the board of Virgin Australia nor does it have the intention of obtaining control of Virgin Australia."

Richard Branson's Virgin Group holds a 22.37 per cent stake in Virgin Australia, while Singapore Airlines has a 19.9 per cent interest.

© 2013 AAP