CHINA / National
China nods approval of Air China stake in Cathay
(Reuters)
Updated: 2006-09-01 10:23
SHANGHAI - Air China Ltd. has received central government approval to
raise its stake in Cathay Pacific Airways Ltd. , an official newspaper
reported on Friday, paying about US$693 million to double its 10 percent
stake in the world's seventh most valuable airline.
The state-run China Securities Journal quoted Li Jiaxiang, president of
Air China, as saying China's State Council, or cabinet, had approved the
higher stake.
Under a deal reached in June, Air China would pay HK$5.39 billion (US$693
million) for a 10 percent stake in Cathay, which would double its stake
in Air China to 20 percent.
The two airlines plan to intensify their cooperation, and the directors
of the two companies will also join the other side's board, Li was quoted
as saying at a news conference.
Beijing-based Air China, the country's top airline, said on Wednesday
first-half earnings fell 23 percent as high fuel costs outstripped strong
passenger and cargo growth.
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