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An Airbus A380 passes over Sydney Harbour on its way to land at Sydney's international airport in this Nov. 13, 2005 file photo released by Qantas Airways Ltd. ((Qantas Airways Ltd./Associated Press))

Australia's Qantas Airlines is about to accept a sweetened takeover offer from a consortium that includes Canadian conglomerate Onex Corp., according to Australian media reports.

The Sydney Morning Herald reported that the two sides were "close" to a deal.

The Australian newspaper said a final deal could be signed later in the day, citing "a source close to the deal."

Qantas had rejected an earlier offer on Tuesday worth $5.50 (Australian) a share. The new deal apparently adds another 10 cents a share and changes some of the conditions to satisfy Qantas directors.

The consortium vying for Australia's national carrierincludes Allco Equity Group, Allco FinanceGroup, and Macquarie Bank — all Australian-based. They would own a majority of Qantas.

Offshore members of the consortium include Texas Pacific Group and Onex — the Gerry Shwartz-led buyout company that tried unsuccessfully to take over Air Canada and Canadian Airlines in 1999.

Under Australian law, foreign investors cannot own more than 49 per cent of Qantas. As of Nov. 8, Qantas said foreign ownership of its stock stood at just over 46 per cent.

The takeover bid would reportedly reduce the foreign ownership of Qantas to 40 per cent.