|
CHINA> Regional
![]() |
|
Related
China Eastern to merge with Shanghai Airlines
(Xinhua)
Updated: 2009-07-13 10:02 SHANGHAI: China Eastern Airlines on late Sunday announced that it will merge Shanghai Airlines through a shares swap and the two will resume stock trading in Shanghai Monday.
Shanghai Airlines Chairman Zhou Chi said on June 30 that the transfer of shares will take about four to five months. Liu Jiangbo, spokesman of the working team overseeing tie-up affairs, said Shanghai Airlines will become a wholly-owned subsidiary of China Eastern and retain its brand and independent operation. Liu told Xinhua that the merger has entered a concrete stage after the announcement of the detailed merger plan. This is a major step to promote the consolidation of regional airlines and to facilitate building Shanghai into an international air and shipping hub, he said. The merger will give China Eastern, one of China's three state-owned airlines, about 50 percent market share in Shanghai. China Eastern reported a net loss of 13.9 billion yuan in 2008 because of weak travel demand in the economic downturn and wrong-way bets on fuel prices. China Eastern and Shanghai Airlines shares have been suspended from trading since June 8 while waiting for the merger talks. China Eastern last closed at 5.33 yuan and Shanghai Airlines closed at 5.92 yuan. China Eastern is listed in Hong Kong and Shanghai and Shanghai Airlines is listed in Shanghai. |
铜山县| 西峡县| 治多县| 怀化市| 北宁市| 九龙城区| 汝城县| 饶阳县| 平武县| 永和县| 监利县| 融水| 浦城县| 申扎县| 富裕县| 平舆县| 泸西县| 正镶白旗| 宜章县| 中宁县| 康平县| 翁源县| 从江县| 苗栗市| 交城县| 仙游县| 民权县| 县级市| 花莲市| 宁夏| 道真| 阜宁县| 武城县| 汕头市| 永福县| 扶风县| 古浪县| 财经| 霍林郭勒市| 九寨沟县| 华蓥市|