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Cathay, Air China deal enables Dragonair purchase.

Publication: Business Travel News
Publication Date: 17-JUL-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
A major shareholding realignment among three Asian carriers--Cathay Pacific, Air China and Dragonair--has set the foundation for a powerful airline group in Asia. It also has given Cathay Pacific a much-needed boost in the competitive Chinese air market by enabling it to purchase Dragonair, a regional carrier based in Hong Kong, for US$1.06 billion.

The agreement reached among the boards of Air China, Cathay Pacific, China National Aviation Company, CITIC Pacific and Swire Pacific also gave Air China a 17.5 percent stake in Cathay Pacific and doubled Cathay Pacific's holdings in Air China to 20 percent. Hong Kong-based Swire Pacific remains the principal shareholder in Cathay Pacific.

With its new ownership of Dragonair, which currently operates 400 flights a week between Hong Kong and...

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