AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST
  Australia's &lt;Ansett Airlines> will
  exercise an option to acquire 20 pct of America West Airlines
  Inc &lt;AWAL.O> for about 31.5 mln U.S. Dlrs, &lt;Ansett Transport
  Industries Ltd> managing director Peter Abeles said.
      Exercise, involving the purchase of about three mln new
  America West shares for 10.50 U.S. Dlrs each, was scheduled to
  be finalised in July or August, he said in a statement.
      Abeles said Ansett would become the largest single
  shareholder in what he said was the fastest growing airline in
  the United States. America West is based in Phoenix, Arizona.
      Under the terms of the option agreement, Ansett would have
  the right to maintain its 20 pct position in the event of
  future stock sales, but could not go beyond 20 pct unless so
  requested by America West, Abeles said.
      America West would retain the right of first refusal if
  Ansett offered any of the shares for sale.
      In addition, Ansett would gain one board seat, he said.
      Ansett Transport Industries wholly owns Ansett Airlines,
  one of Australia's two major domestic airlines, and is in turn
  owned 50/50 by Abeles' international transport group TNT Ltd
  &lt;TNTA.S> and Rupert Murdoch's News Corp Ltd &lt;NCPA.S>.
  

