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
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.