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Qantas shares rally on report of takeover defense


    SYDNEY (Reuters) - Shares in Qantas Airways rallied more than 7 percent on Tuesday after a newspaper reported that Australia's national carrier had appointed a team to defend against a possible hostile takeover attempt.

    Qantas has tapped Macquarie Group to defend against a possible bid after it lost a third of its value last week following a profit warning, The Australian Financial Review said, without naming any sources.

    Qantas Chief Executive Alan Joyce has also appointed Citigroup to monitor the company's share register for any raiders, the paper added.

    The shares rose 7.2 percent to A$1.04, having hit an all-time low of A$0.96 last week.

    (Reporting by Lincoln Feast; Editing by Ryan Woo)