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(From Agence France Presse)
Qantas Airways Ltd and Air New Zealand announced a wide-ranging strategic partnership in which the Australian flag carrier will acquire a 22.5 percent stake in the Auckland-based airline.
The decision, unveiled by the two companies to a news conference held jointly in Sydney and Auckland, followed the suspension of share trading in Air New Zealand shares pending the announcement at midday New Zealand time (2300 GMT).
Under the terms of the deal, Qantas will inject 550 million New Zealand dollars (275 million US) into the coffers of the financially struggling Air New Zealand, which had to be baled out by the New Zealand …