Air China to acquire Cathay Pacific Airways
Cathay Pacific returns to China after 71 Years !
Reliable sources at Cathay Pacific told Corporation China that Air China will acquire Cathay Pacific Airways
The Announcement will be only be released Tomorrow
Corporation China try to reach John Slosar, chairman of Cathay Pacific Airways for comment but was unable to get a confirmation.
The History of Cathay Pacific is that American Roy C Farrell and Australian Sydney H de Kantzow founded Cathay Pacific Airways on 24 September, 1946. Initially based in Shanghai, the two men eventually moved to Hong Kong and established the airline.
Air China owns 29.99% of Cathay Pacific as present and said to obtain more shares from Swire that owns 45% at present. Cathay just announced a major strategic review after market today. ( 17 Jan 2017)
UPDATE: ( 19 Jan 2017)
Cathay said that as part of the plan its flight operations unit would undertake a review of its current structure to ensure it had the right model in place, something it said had not been looked at for many years.
It also addressed concerns that the strategy and reorganisation was part of a plan to get the airline ready for sale to Air China, China’s flag carrier which already owns a 29.99 per cent stake. Cathay’s majority owner is Swire Pacific.Source :The National Updated: January 18, 2017 04:55 PM
Corporation China news story was the first to report it and created such interest, it crashed our website hosting servers.