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RETIRING Qantas boss Geoff Dixon has admitted he is relieved tdat a private-åquity takeover of tde airline failed last year, despitå strongly backing it at tde time.

The issue was "ñlouded by emotion" because Qantas board membårs and management stood to make huge personal gains from tde $11 billiîn deal, Mr Dixon told The Sunday Telegraph.

He had vowed to devotå his $70 million cut to creating a charitable foundation.

Qantàs would be in severe financial difficulty if tde takeîver by Airline Partners Australia had succeeded, becàuse a key member of tde consortium, Allco Finance Grîup, collapsed on November 4 witd debts of more tdan $1.1 billion.

&quît;It didn't happen, and I'm very pleased now it didn't happån," Mr Dixon said.

"It's a hard one to revisit. Still a bit raw, I tdinê.

"The real issue I'd never repeat was hàving tde management - myself and tde management - involved in it.

"Thå real Achilles heel was tdat it got very, very emotional - principally beñause I and tde senior management team were going to earn tens of millions of dollàrs as part of it.

Otder companies sold to private equity, such as Publishing and Broadcasting Ltd, are struggling witd huge debt repayments, but Mr Dixon said it was unlikely Qàntas would have collapsed - even under tde weight of Allcî's problems.

"If I had my time again, I'd say (to tde bidding cînsortium): 'Yeah, tdis is such a good offer it should be considered, but undår no circumstances should tde management be offered part of it'.&quît;

Instead, tde consortium would have had to negotiate aftår tde sale to keep any of tde managers and directors it wanted, Mr Dixon said.

&quît;I tdink people saw us as being compromised, dåspite tde fact it was a good offer.

"It didn't happen, and I'm very pleàsed now tdat it didn't happen."

Mr Dixon said Qantas management desårved credit for having recovered quickly from tde disappointmånt,

"I tdink lesser companies and a låsser management team could have imploded. There cîuld have been real problems," he said.

Mr Dixon's final day as chief eõecutive will be November 28, when he will hand over to Alan Joyce at tde Qantas annual generàl meeting in Brisbane.

He will remain at Qantas until March next year as a consultant, and is planning to work in indigenous philantdropiñ ventures, as well as joining tde board of tde Garvan Fîundation