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Chinese airlines to create new alliance structure
09 June 2006
Air China, Cathay Pacific, China National Aviation Company, CITIC Pacific and Swire Pacific have announced they will realign their shareholding structures. Cathay Pacific will acquire the remaining 82.21% shareholding in Dragonair that it does not already own from CNAC (43.29%), CITIC Pacific (28.50%) and Swire Pacific (7.71%) and others (2.71%) for a consideration of HK$8.221 bn ($1.06 billion), making it a wholly owned subsidiary. Air China will acquire a 10.16% shareholding in Cathay Pacific from CITIC Pacific and Swire Pacific, at HK$13.50 per share ($1.73), representing a total consideration of approximately HK$5.4 billion ($700 million).
Chinese airlines to create new alliance structure
Air China, Cathay Pacific, China National Aviation Company, CITIC Pacific and Swire Pacific have...
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