Rebuffed by American Airlines, Qatar Airways buys into Cathay Pacific
Qatar Airways has broadened its global reach by purchasing a 9.61 percent stake in Cathay Pacific <0293.HK> ;, adding another strategic investor to the Hong Kong carrier's complicated share register at a time when it is looking to cut costs.
Hong Kong's Kingboard Chemical Holdings <0148.HK> said it had sold the stake to Qatar Airways for HK$5.16 billion ($661 million), making the Middle Eastern carrier the third-largest shareholder in Cathay.
For Cathay, the Qatar stake will give it a third strategic shareholder behind Swire Pacific Ltd <0019.HK> and Air China Ltd <601111.SS> ;, potentially complicating a restructuring plan aimed at slashing HK$4 billion in costs over three years.
Read full story: todayonline.com
Posted: 6 Nov 2017 21:00:31