Delta to buy 3.55% stake in Eastern
Print Edition
DELTA Air Lines will invest US$450 million in China Eastern Airlines for a 3.55 percent stake and expand their cooperation on the China and US routes, China Eastern announced yesterday.
Delta, the world’s third-biggest carrier, will purchase 465.91 million Hong Kong-listed shares of the Shanghai-based airlines, according to an agreement signed by the two airlines. It will be 10 percent of the airline’s H shares and 3.55 percent of the total stake.
With the investment, Delta will also gain an observer’s seat at the board of directors of the state-owned airline, China Eastern said.
“The agreement with Delta is a major strategic measure of China Eastern to carry out reforms, explore and develop mixed ownership economy, while drive the airline’s global development,” said China Eastern Chairman Liu Shaoyong.
Liu said both airlines, which belong to the SkyTeam Alliance, have long-term collaboration. “It is a cooperation to connect the world’s two biggest economies as well as the world’s two biggest civil aviation markets,” Liu said.
Delta CEO Richard Anderson said Delta had been inviting China Eastern employees for the last three years to visit its headquarters in Atlanta for internship and learn from each other.
China Eastern and Delta have a code-sharing agreement on 30 US routes and 43 Chinese routes as well as seven long-distance routes across the Pacific Ocean.
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