Qantas scam fails?

The proposed $11.1 billion "private equity" buyout for Qantas seems to have failed.

The consortium needed to secure 50 per cent of Qantas shares.

The Airline Partners Australia (APA) consortium confirmed tonight they had only secured 46 per cent of the national carrier after a deadline for the takeover offer expired at 7pm.

Qantas chief executive Geoff Dixon has declined to offer his resignation, saying it was up to the board.

The apparent failure (there is always room for more scams) of the much hyped attempt to load Qantas up with debt to pay for the takeover represents a common sense response to a deal the Howard government refused to stop for fear of upsetting the latest spiv breed of merchant bankers they are most keen to represent.

see earlier report