Virgin clears another hurdle toward Tiger buy-out

VIRGIN Australia has cleared another regulatory hurdle in its move to acquire 60 per cent of Tiger Airways.

The Foreign Investment Review Board (FIRB) has confirmed that it has no objections to Virgin's acquisition of a majority stake in Tiger's Australian operations.

In a statement to the market, Virgin says the transaction remains subject to certain other conditions, but it expects to complete the transaction by mid-July.

Last month, Virgin's planned 60 per cent acquisition of Tiger Airways Australia got approval from the Australian Competition and Consumer Commission, on the basis that Tiger was highly likely to have exited the market if the deal did not go through.

Read more at ABC news online.


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