Air China, the country's flag carrier, has agreed to pay HK$6.3bn (US$813m) to increase its stake in Cathay Pacific, only three years after first securing a stake in the Hong Kong airline.
The transaction with Citic Pacific, the Hong Kong arm of China's largest investment group, will boost Air China's stake in Cathay Pacific from 17.5 per cent to 29.99 percent, just below the takeover threshold.
Cathay's controlling shareholder, Swire Pacific, also agreed to pay HK$1bn for an additional 2 per cent of the airline, bringing its shareholding to 42 per cent.
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