[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Friday, 18 May 2007, 06:28 GMT 07:28 UK
Qantas chair quits but CEO stays
Qantas jets
The takeover bid collapsed due to lack of shareholder support
The chairwoman of Qantas Airways, Margaret Jackson, is to resign after the collapse of a A$11bn ($9bn; 4.6bn) takeover bid for the carrier.

Australia's richest man, James Packer, will also step down from the board.

Yet the airline said its chief executive, Geoff Dixon, will remain until at least July 2009, and the rest of the management team will also stay.

The bid from Airline Partners Australia (APA) collapsed after six months due to lack of support from shareholders.

Union pressure

The APA consortium included Australian bank Macquarie Bank and the US private equity firm Texas Pacific Group.

They admitted defeat earlier this month after missing a deadline to secure 50% of acceptances from Qantas shareholders.

The board of Qantas backed the bid and its members have been under pressure from unions and some shareholders to resign over the way they handled it.

Ms Jackson will leave Qantas by the end of this year.

Consortium admits Qantas bid over
08 May 07 |  Business
Last-ditch Qantas offer blocked
06 May 07 |  Business
APA Qantas bid wins late reprieve
05 May 07 |  Business
APA admits likely Qantas defeat
04 May 07 |  Business
Deadline looms for Qantas offer
03 May 07 |  Business
Qantas suitor steps up bid battle
24 Apr 07 |  Business

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific