AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST
Australia's <Ansett Airlines> will
exercise an option to acquire 20 pct of America West Airlines
Inc <AWAL.O> for about 31.5 mln U.S. Dlrs, <Ansett Transport
Industries Ltd> managing director Peter Abeles said.
    Exercise, involving the purchase of about three mln new
America West shares for 10.50 U.S. Dlrs each, was scheduled to
be finalised in July or August, he said in a statement.
    Abeles said Ansett would become the largest single
shareholder in what he said was the fastest growing airline in
the United States. America West is based in Phoenix, Arizona.
    Under the terms of the option agreement, Ansett would have
the right to maintain its 20 pct position in the event of
future stock sales, but could not go beyond 20 pct unless so
requested by America West, Abeles said.
    America West would retain the right of first refusal if
Ansett offered any of the shares for sale.
    In addition, Ansett would gain one board seat, he said.
    Ansett Transport Industries wholly owns Ansett Airlines,
one of Australia's two major domestic airlines, and is in turn
owned 50/50 by Abeles' international transport group TNT Ltd
<TNTA.S> and Rupert Murdoch's News Corp Ltd <NCPA.S>.
 REUTER
