American Airlines acquires stake in China Southern
The agreement signed Tuesday is worth US$200 million
China Southern signed an agreement on Tuesday to sell a stake to American Airlines for the sum of US$200 million, reports China Daily.
The Chinese carrier has issued 270.61 Hong Kong-listed shares to American Airlines, representing 2.68% of the carrier’s increased share capital. The shares were issued at HK$5.7, a 4.6% increase over Monday’s closing price.
A regulatory filing on Tuesday stated the firms may look at increased cooperation in code sharing, sales, passenger loyalty programs and airport facilities.