Australian PM says no case to break up Qantas

CANBERRA, Nov 24 (Reuters) Australian Prime Minister John Howard today said his government would not be changing foreign ownership limits on Qantas Airways Ltd. (QAN.AX>, and said there was no case to be made to break up the airline.

''We won't be changing the foreign investment rules. Nor will we be altering the caps on individual shareholders. There is not a case for breaking up Qantas,'' Howard told Australian radio.

Qantas and Australia's Macquarie Bank Ltd. confirmed on Wednesday they were discussing a buyout proposal, which is also reported to involve US private equity investor Texas Pacific Group [TPG.UL] and Pacific Equity Partners.

Reuters SBA VP0430