American purchases 2.68% of China Southern Airlines

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American purchases 2.68% of China Southern Airlines

Postby Greg on Tue Mar 28, 2017 4:04 pm

American Airlines is set to become the second big carrier in the United States to buy its way into capturing more of the big and growing business of flying to China.

China Southern, the biggest airline in China, the world’s most populous country, said on Tuesday morning in Hong Kong that it had reached a deal to sell a $200 million minority stake to American as the airlines move forward with a strategic cooperation. The deal ties American, one of the United States’ big three carriers, together with one of China’s big three state-run airlines.

The agreement, involving the sale of a 2.76 percent stake to American, and the broader cooperation are subject to regulatory approvals, China Southern said in a stock exchange filing in Hong Kong, near the carrier’s base in the southern Chinese city of Guangzhou.

New York Times
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