Air New Zealand flags $350m sale of its Virgin Australia stake
Air New Zealand's chief executive has resigned from the board of Virgin Australia and put its 26 per cent stake up for sale, a decision that could trigger a takeover bid for Australia's second-largest airline.
There has been growing concern about Virgin's financial position since it tapped shareholders for a loan last week to further reduce gearing which appears to have been crystallised by the New Zealanders' loss of confidence in the company.
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