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AIR NZ (ASX:AIZ) has confirmed it will increase its stake in Virgin Australia Holdings Limited (ASX:VAH).
Air New Zealand says it’s lifted its stake by three per cent to 22.9 per cent.
The agreement is subject to customary Foreign Investment Review Board and Australian Competition and Consumer Commission conditions.
Air New Zealand says it’s not seeking a seat on the Virgin Australia board and denied it was angling to obtain control of Virgin.
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.
Air New Zealand generated a net profit of $79.3 million in the first half of the current financial year.
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