The Qantas Airways Limited (ASX: QAN) share price has risen 0.57% so far in early trade and is one to watch this morning after gaining ACCC approval for its BP partnership.
Why is the Qantas share price on watch?
The ACCC announced it is proposing to grant authorisation to Qantas to further extend its Frequent Flyer program.
The Aussie regulator will allow Qantas, BP Australia and independent BP petrol stations to collectively participate in the BP Rewards, Qantas Frequent Flyer and Qantas Business Reward programs.
The ACCC will grant a 5-year authorisation which will allow BP to require BP-branded petrol stations to be a part of the Qantas rewards programs.
The Qantas share price will be one to watch as investors try and place a value on the approved scheme.
Cost savings and public benefits were cited as key factors behind this morning’s favourable decision. The ACCC doesn’t believe it will result in materially lower competition in the market.
Data sharing remains a slight concern for the regulator ahead of the final determination in February 2020.
Qantas beat out rival Virgin Australia Holdings Ltd (ASX: VAH) in early September to land the lucrative BP deal.
How has Qantas performed in 2019?
The Qantas share price is trading at $7.07 per share at time of writing.
That’s not far off its 52-week high of $7.22 per share set on Wednesday. The stock has been helped by favourable broker coverage in recent weeks.
The Qantas share price is up 22.05% so far this year. That’s a solid result for shareholders, given the S&P/ASX 200 Index (INDEXASX: XJO) has gained 20.33% in 2019.
It’s been a different (and disappointing) story for Virgin shareholders in 2019 as the company’s shares have shed 15.79% in 2019.
The recent Virgin Atlantic deal approval from the ACCC failed to spark Virgin shares higher despite the potential for an expanded flight network.
The post Qantas share price on watch after ACCC approval appeared first on Motley Fool Australia.
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