Cathay stays British

AIR CHINA, the government-owned flag carrier of the world’s largest country, has agreed to pay HK$6.3bn (US$813m) to increase its stake in Cathay Pacific, only three years after first securing a holding in the Hong Kong airline.  Under the arrangement Air China’s stake in Cathay will grow from 17.5% to 29.99% – just below the takeover threshold.  Cathay Pacific’s controlling investor, the Swire Group based in London, says it intends to remain the airline’s major shareholder and has added a further 2%, the maximum allowed bringing its shareholding to 42%.  Christopher Pratt, Chairman of both Swire and Cathay, said: “It remains the firm intention of Swire Pacific to remain the single largest shareholder in Cathay, as indeed we have been for the past 60 years.” www.cathaypacific.com

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