Virgin Australia will soon be 77% foreign-owned following its controversial AUD351 million capital raising which international partner carriers – Air New Zealand, Singapore Airlines and Etihad – have enthusiastically bought into, increasing their total stake in Australia’s #2 airline to 67%.

A further 10% is held by English entrepreneur Richard Branson. Bitter rival Qantas is restricted to foreign airline investment of 35% while total international ownership is capped at 49%. No wonder Qantas boss Alan Joyce is a wee bit angry.

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