Air New Zealand has obtained approval to raise its stake in Virgin Australia Holdings (ASX: VAH) to 25.9%, acquiring 3% through an existing forward contract...

Air New Zealand has obtained approval to raise its stake in Virgin Australia Holdings (ASX: VAH) to 25.9%, acquiring 3% through an existing forward contract and another 3% through creep provisions. In a statement to the ASX today, the largest shareholder in Virgin said it gained approval from the Foreign Investment Review Board and the Australian Competition and Consumer Commission for the increase. This continues the manoeuvring by large airline shareholders in Virgin after Etihad, the third largest shareholder in Virgin said it would increase its stake in the airline to 19.9% last month. Singapore Airlines remains the second largest shareholder at 19.9%, with Richard Branson's Virgin Group being the fourth largest shareholder at 12.5% (VIEW LINK)