=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/03/11/f= inancial2024EST0392.DTL ---------------------------------------------------------------------- Monday, March 11, 2002 (AP) Cargo company agrees to take 50 percent stake in cut-price airline (03-11) 17:24 PST SYDNEY, Australia (AP) -- Patrick Corp., a major Australian cargo handling and logistics company, took a 50-percent stake in low-cost airline Virgin Blue. Patrick will pay $135 million for its share in the airline, set up by British tycoon Sir Richard Branson, the companies said Tuesday. Virgin Blue said that Patrick's backing would cement its position as Australia's leading domestic low-fare airline and let it expand into overseas markets. The added financial muscle will also let the airline bid on assets being sold by administrators of Australia's failed second airline, Ansett, which collapsed last year. Ansett tried, but failed, to find a backer to help pay for a relaunch. With a staff of about 1,500 workers, Virgin Blue operates 16 aircraft. Another seven planes are scheduled for delivery during 2002. Patrick said it will raise the money required to finance the deal through a share placement. On the Net: www.virginblue.com =20 ---------------------------------------------------------------------- Copyright 2002 AP