China Eastern Airlines to merge with Shanghai Airlines by year-end
28 November, 2009 in Uncategorized
China Eastern Airlines, the country’s third biggest carrier, said yesterday that it would complete its merger transaction with Shanghai Airlines by the end of the year.
“All the legal procedures will be completed by the end of 2009,” said Ma Xulun, general manager of China Eastern.
The Shanghai-based carrier said in July it would buy smaller rival Shanghai Airlines via a 9-billion-yuan share swap that would give it a market share of over 50 percent in China’s financial hub.
Ma said China Eastern is expected to return to the black in 2010 after a huge reduction in losses this year. The airline made a net profit of 1.2 billion yuan in the first nine months of this year.
http://www.chinadaily.com.cn/bizchina/2009-11/25/content_9042506.htm
