China’s HNA Group Buys 48% Stake in French Airline Aigle Azur
HNA Group Co., parent of China’s Hainan Airlines Co. (600221), has acquired a 48 percent stake in France’s Aigle Azur Transports Aeriens SAS, according to an e-mailed statement today.
The purchase makes HNA Group Aigle Azur’s second-biggest shareholder and gives the Chinese company the right to appoint two of the five-member executive committee that governs the French airline, according to the statement, which didn’t give a price paid for the stake. HNA Group also gains the right to appoint a vice president and a deputy chief financial officer.
HNA Group, which had $15.4 billion of revenue last year, has sought to expand beyond the Chinese market with investments in Turkey and Hong Kong. Paris-based Aigle Azur operates 300 scheduled flights a week with route networks covering Algeria, Mali, Portugal, Russia and Tunisia, according to the statement.
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