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THE battle for Air New Zealand has broadened into a dogfight between Qantas and the massive reserves of Singapore Inc.
Backing the Singapore Airlines bid for the Kiwi carrier is the nation's $US145 billion ($A286 billion) in foreign and corporate investments.
The wealth of Asia's tiger economy is more than double the combined worth of BHP Billiton, National Australia Bank, Qantas and Telstra.
By comparison the market value of Qantas is a mere $A4.5 billion - - $US2.34 billion.
Singapore Airlines could draw on the value of prestige real estate in Tokyo, New York, London, Paris, Prague, Manila and Beijing.
The Amex Centre in Sydney is owned by the Singapore Government.
Only a handful of votes within the NZ Coalition Cabinet stops SIA from writing the cheque for its desired 49 per cent stake in the nation's carrier.
But the minority National Alliance, hurt that national pride will be dented by any shares sale, stands firm against any increase in SIA's 25 per cent holding.
Qantas, which opened the bidding for the Kiwi carrier four weeks ago, has been outgunned by a wealthier suitor.
The reality is that Air New Zealand is bleeding cash at a rate the country cannot afford. Through its cash-strapped Australian subsidiary Ansett, it is haemorrhaging cash at $4 million a week.
It is desperate for the $NZ466 million SIA has offered for a new 49 per cent involvement.
SIA, the world's fifth-biggest carrier -- Qantas ranks 12th -- is 56 per cent owned by the Singapore Government.
The government's stake is conveniently hidden within a mysterious entity known as Temasek...