Qantas is no easy target

Qantas International doesn’t actually have to be profitable to be viable, and despite John Singleton fanning takeover talk, no Australian government would sanction a bid that involved breaking the airline up.

When Alan Joyce decided to reform a defence team he would have asked himself whether a bid for Qantas while its share price is languishing at historically low levels was probable. The answer was almost certainly no, but it is possible, hence the precautionary measures.

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