AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST Australia's <Ansett Airlines> will exercise an option to acquire 20 pct of America West Airlines Inc <AWAL.O> for about 31.5 mln U.S. Dlrs, <Ansett Transport Industries Ltd> managing director Peter Abeles said. Exercise, involving the purchase of about three mln new America West shares for 10.50 U.S. Dlrs each, was scheduled to be finalised in July or August, he said in a statement. Abeles said Ansett would become the largest single shareholder in what he said was the fastest growing airline in the United States. America West is based in Phoenix, Arizona. Under the terms of the option agreement, Ansett would have the right to maintain its 20 pct position in the event of future stock sales, but could not go beyond 20 pct unless so requested by America West, Abeles said. America West would retain the right of first refusal if Ansett offered any of the shares for sale. In addition, Ansett would gain one board seat, he said. Ansett Transport Industries wholly owns Ansett Airlines, one of Australia's two major domestic airlines, and is in turn owned 50/50 by Abeles' international transport group TNT Ltd <TNTA.S> and Rupert Murdoch's News Corp Ltd <NCPA.S>.