Qantas Rejects Talk of Emirates Buy

By Neville D'Cruz MELBOURNE, May 31 (Bernama) -- Qantas Airways chief executive Alan Joyce has rejected speculation about Emirates buying a stake in his airline, saying its share of Australia's international passengers has grown for the third straight month. Figures from the Bureau of Infrastructure, Transport and Regional Economics (BITRE) showed Qantas mainline carried 19 per cent of all passengers coming into or out of Australia in March 2012, the Australian Associated Press reports. While down from 19.4 per cent in March 2011, the figure was up from 18.9 per cent the previous month and the third month in a row Qantas has increased its market share. Joyce has said previously Qantas's international operations lost A$216 million (US$210.34 million) in 2010/11 and was on track to post yet another loss this year amid fierce competition from foreign carriers and a high cost base. Last week, Qantas's announcement that it was splitting its domestic and international operations into two businesses as part of a management shake-up raised the prospect of a foreign carrier, such as Emirates, coming in and buying a stake. Joyce said reports of Emirates taking an equity stake in Qantas were incorrect. "I don't know where these stories have come from," Joyce told reporters. on Thursday. "What I am seeing in the press is completely wrong." The Qantas Sale Act limits foreign ownership of the airline to 49 per cent. Tim Clark, the boss of Dubai-based Emirates, recently said he would be interested in working closer with Qantas on a code-share arrangement. -- BERNAMA