Air China is firmly ensconced in the co-pilot's chair of one of Asia's largest carriers, after announcing a deal this week to boost its stake in Hong Kong-based Cathay Pacific Airways.
China's flag carrier paid HK$6.3bn ($817m) to raise its holding in Cathay from 17.5 per cent to 29.99 per cent – just shy of the threshold forcing it to launch a full takeover bid.
As part of the deal, Citic Pacific, the Hong Kong unit of China's largest state investment group, sold another 2 per cent of its holding to Swire Pacific, Cathay's controlling shareholder.
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