Branson back as Aussie top dog

Sir Richard Branson is to return as biggest shareholder of Aussie airline Virgin Blue, after a decision to spin off the carrier by majority owner Toll Holdings transport group.

Branson's Virgin Group owns 25.5% of the A$530 million (£259 million) carrier.

Toll picked up 62% of Virgin Blue when it took over port operator Patrick Corp in 2006. It had promised Branson that it would put him back in the pilot's seat of the company but changed its mind and held on to the stake.

That is now worth A$339 million (£165.8 million), less than a quarter of its value then. Toll scrapped a plan to sell the stake in April because prices were too low.

Shareholders in Australia's biggest freight company will get one Virgin Blue share for each Toll stock held.