Unfriendly skies

The storm clouds were gathering over Qantas early in June after the airline’s stunning profit downgrade sent the shares into a tailspin, closing on June 8 at a record low of 96 cents and wiping off a third of its value.

The airline was forced to enlist the Macquarie Group to defend the airline against a possible hostile takeover, according to Reuters. And the Australian Financial Review said Qantas CEO Alan Joyce had appointed Citigroup to monitor the company’s share register for raiders.