Cathay Pacific seeks piece of Air China
Hong Kong’s Cathay Pacific Airways said it plans to acquire a 9.9 percent stake in Air China when China’s longest-standing international airline initiates its planned Initial Public Offering on the Hong Kong Stock Exchange.
The Financial Times reported on its Web site that the stake is worth about $200 million.
The airlines also jointly announced plans for future cooperation on joint sales and marketing, passenger and cargo code sharing, cargo operations, security and other business aspects.
Cathay Pacific operates one of the world’s largest 747 freighter fleets and Air China is one of three major airlines in China.