The Qantas Airways Limited (ASX: QAN) share price edged higher following an update from the Australian Competition & Commission (ACCC).
At Tuesday’s market close, Qantas shares ended the day up 0.19% to $5.17.
Let’s take a closer look at what was released to the ASX today.
ACCC proposes not to take enforcement action over Qantas acquisition
Before market open, Brisbane-based airliner, Alliance Aviation Services Ltd (ASX: AQZ) released a statement from the ACCC regarding Qantas’ 19.9% acquisition of the company.
Alliance advised that the ACCC wrote a letter stating that it will not take any further enforcement action in relation to the takeover.
Qantas secured the minority stake in Alliance during 2020 for roughly US$45 million.
At the time, alarm bells rang as the competition watchdog signalled its concerns about Qantas’ monopoly in the domestic travel market.
While no action has been taken since the investigation began 3 years ago, this could change.
The ACCC said that it will continue to monitor Qantas’s conduct in the industry regarding the acquisition, and action could happen at a later date.
Nonetheless, the news appears to not have bothered investors, with the Qantas share price travelling slightly higher.
On the other hand, the Alliance Aviation share price lifted 1.87% to $3.82 apiece.
Qantas share price snapshot
Since the start of 2022, Qantas shares have travelled on a rollercoaster, posting a gain of around 3%.
However, when looking at a larger time frame such as the last 12 months, its shares are relatively flat.
Qantas commands a market capitalisation of roughly $9.74 billion, making it the 60th largest company on the ASX.
The post What happened to the Qantas share price today? appeared first on The Motley Fool Australia.
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More reading
- Why AGL, Alliance Aviation, Woodside, and Xero shares are charging higher
- What is the current dividend yield for Qantas shares?
- ‘Key to our future’: What’s going on with the Qantas share price today?
- Why is the Qantas share price lifting today?
- Finally! 4 travel ASX shares ready to take off: expert
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Alliance Aviation Services Ltd. The Motley Fool Australia owns and has recommended Alliance Aviation Services Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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