Cathay Pacific mulling investment in Hong Kong rivals
Cathay Pacific Airways is understood to be in talks for stakes in two rival Hong Kong-based carriers.
Bloomberg reports Cathay has held initial talks with owner HNA Group for stakes in Hong Kong Express Airways and Hong Kong Airlines.
HNA is still trying to offload assets due to heavy debt and has already sold off several aviation and hospitality businesses.
According to people familiar with the matter, the talks have been progressing slowly and it is far from a done deal, said the report.
The two airlines’ flight slots will be an attractive proposition for Cathay and strengthen its position at Hong Kong Airport.
All parties have remain tight-lipped but Hong Kong Airlines did reiterate it is ‘here to stay’.
"We have and will remain open to discussions with strong strategic investors."
The talks mark a turnaround for Cathay Pacific after a couple of bad years.
The business was restructured with 600 management jobs cut and a downsizing of its route network.
Fuel hedging mishaps and downward pressure on fares from intense competition by both mainland China and Gulf airlines saw Cathay go into the red for the first time a couple of years ago and has only recently rebounded.
A huge data breach of customers’ personal information last year also heavily impacted the company and sent shares plunging.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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