Qantas shares fell 16c as they resumed trading this morning after bidders Airline Partners Australia finally killed off its $11.1 billion bid for the airline.
The consortium said it had decided not to pursue a legal loophole because of the time it would take for the issue to be litigated as the bid should be treated as having lapsed last Friday.

It left open the option of launching a renewed bid for the airline.

But in a satement released just prior to the 11.15am lifting of the trading halt, Qantas chairman Margaret Jackson said the senior board and management wanted to make it clear that APA’s bid could not be renewed and any future bid would be treated as a completely new matter.

She said the process during the bid had been “extremely difficult” and the foremost priority of the board and management now was the continuing successful operation of the company.

Showing no signs of heeding calls to step down, Ms Jackson also noted that continuity and stability were vital.

“The board will meet again today and will also be meeting in the near future to discuss management’s three-year plan and strategies for growth,” she said.

APA’s decision means that shares have now been released from the offer accepted sub-position and are available to be traded.

The airline also said it was undertaking a formal reconciliation of its foreign ownership.

“However in view of the heavy trading in Qantas shares this has been more difficult than usual,” it said. “The process is being accelerated and Qantas will advise the market as necessary.”