Air NZ sale could mean big payday for Virgin Australia's John Borghetti

Air NZ's failed attempt to oust Virgin Australia CE John Borghetti could have the ironic result of the airline boss receiving a payout of around A$8m if SIA makes a successful takeover bid. Air NZ last month said it would look to sell all or part of its 25.9% stake in Virgin after the decision by the Kiwi carrier's boss, Christopher Luxon, to resign from the board. Luxon did so after failing to receive support to replace Borghetti from other directors. SIA is viewed as the most likely party to make a full takeover offer for Virgin given its long-standing strategic interest in the Australian market, its strong balance sheet and desire to ensure a Chinese rival doesn't join the Virgin register. The near $8m payout figure for Borghetti, based on Virgin's closing share price of 35.5¢ Friday, could be even higher if SIA is forced to pay a premium to gain acceptances from other shareholders. <br/>