Branson airline bids Down Under

AIRLINE Virgin Blue has bid for four Australian airport terminals and is planning a A$3.6bn (£1.3bn) fleet upgrade, said founder and chairman Sir Richard Branson.

The low-fares airline is bidding for empty terminals previously owned by the failed Ansett airline, but Branson said the bid did not include Sydney Airport terminal, which is at the centre of a legal dispute. The company would decide by June on the fleet upgrade, involving 30 to 40 Boeing 737s or Airbus 320s.

Branson said the airline, launched 18 months ago, would list on the Australian Stock Exchange within two years. 'At the moment we're about 12.5% of the market - we'd like to get up to 25% before we float,' he added. Earlier this week, Virgin Blue completed a deal in which Australian logistics group Patrick Corporation will pay A$260m for a 50% stake.