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 SYDNEY, Australia (AP) - A 10.8 billion Australian dollar ($8.9 billion) takeover bid for one of the world's best-known airlines, Qantas, finally collapsed on Tuesday, pulling the company's share price down sharply.
Shareholders — believed to include international hedge funds that stockpiled Qantas shares recently in hopes of making quick profits on the takeover — dumped the company's stock when trading resumed for the first time since a chaotic long weekend surrounding the buyout attempt.
Qantas shares plummeted more than 4 percent in the first hour after a trading halt was lifted before recovering a bit to close 2.97 percent lower at 5.22 Australian dollars, with a massive volume of almost 165 million trades.
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