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 30% of Cathay Pacific as present ans said to obtain more shares from Swire that owns 45% at present. Cathay just announced a major strategic review after market today.