After nearly five months of negotiations, the two groups were unable to agree on the share exchange ratio that each airline would command in a dual-listed structure, sources close to BA said.
They said Qantas had been pushing for a 55:45 ratio in the Australian group's favour but this had been unacceptable to BA, which had insisted on a 50:50 ratio. Qantas had also wanted the corporate headquarters for the integrated management team to be in Sydney.
When news of the talks emerged two weeks ago both carriers said they were seeking a “merger of equals” – but that plan has been undermined by the relative weakness of the BA share price in recent months.
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