"Shun Tak Holdings, a Hong Kong-listed company controlled by the family of casino tycoon Stanley Ho, will continue talks to set up a budget airline with Air Macau despite the withdrawal of Virgin Blue from discussions.
'We have been mentally prepared that Virgin Blue would drop out,'' a Shun Tak source said. 'As a foreign partner, Virgin Blue does not quite understand the Macau market nor whether its strategy would fit Air Macau or the government.''
The source said the venture will 'add value'' to the company since it also runs logistics and transportation businesses, adding it hopes to speed up the negotiations and work out details within three months.
Virgin Blue, Australia's second-largest carrier, ended its participation a month after Patrick Corp gained control of the five-year-old airline.
'We've participated in discussions for several months to examine the feasibility of a joint venture operation,'' Virgin Blue spokeswoman Amanda Bolger said Wednesday. 'However, ultimately, we couldn't reach an agreement and formally and amicably ended our discussions last Friday.'' She did not give further details.
Patrick, Australia's biggest port-cargo handler, last month gained control of Virgin Blue after making a hostile A$1.1 billion (HK$6.64 billion) takeover bid."
more:
Thursday, May 12, 2005
Shun Tak to pursue Macau carrier as Virgin Blue exits
"Shun Tak Holdings, a Hong Kong-listed company controlled by the family of casino tycoon Stanley Ho, will continue talks to set up a budget airline with Air Macau despite the withdrawal of Virgin Blue from discussions.
'We have been mentally prepared that Virgin Blue would drop out,'' a Shun Tak source said. 'As a foreign partner, Virgin Blue does not quite understand the Macau market nor whether its strategy would fit Air Macau or the government.''
The source said the venture will 'add value'' to the company since it also runs logistics and transportation businesses, adding it hopes to speed up the negotiations and work out details within three months.
Virgin Blue, Australia's second-largest carrier, ended its participation a month after Patrick Corp gained control of the five-year-old airline.
'We've participated in discussions for several months to examine the feasibility of a joint venture operation,'' Virgin Blue spokeswoman Amanda Bolger said Wednesday. 'However, ultimately, we couldn't reach an agreement and formally and amicably ended our discussions last Friday.'' She did not give further details.
Patrick, Australia's biggest port-cargo handler, last month gained control of Virgin Blue after making a hostile A$1.1 billion (HK$6.64 billion) takeover bid."
more:
