Cathay takes over Dragonair
Cathay Pacific, Dragonair and Air China are strengthening ties in a move designed to underpin Hong Kong’s position as a major Asia-Pacific hub.
A raft of shareholder changes will see regional carrier Dragonair become a wholly-owned subsidiary of Cathay Pacific. Meanwhile, Air China will become a substantial shareholder in Cathay Pacific and Cathay will raise its shareholding in Air China.
Cathay is to acquire the 82% shareholding its does not own in Dragonair for HK$8.22 billion. Air China will take a 10.16% share in Cathay for HK$5.39 billion to bring its stake up to 17.5%. At the same time Cathay is doubling its shareholding in Air China to 20% for HK$4.1 billion.
The outcome of the complex ownership changes will create seamless operations between Cathay and Dragonair and provide a wider national network within China through the enhanced partnership between Cathay and Air China, a joint statement said.
The integration of the three airlines will develop Beijing Capital International Airport and Hong Kong International Airport as gateways to and hubs for mainland China and create one of the world’s strongest airline groupings, according to the statement.
Report by Phil Davies
Phil Davies
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