Rochester,NY 8/8/2009 12:43:13 AM
China Eastern Airlines Corp. Ltd., CEA - A New Merger has been steered by China Eastern Chief
China Eastern Airlines Corp. Ltd.
Liu Shaoyong has moved fast In an industry where change often happens slowly. The Chinese airline executive was named chief executive of China Eastern Airlines Corp. in December, and given the chairman's title in February. Five months later, his company announced a merger with Shanghai Airlines Co., uniting two of China's biggest airlines in a share-swap deal valued at 8.9 billion yuan, or about $1.3 billion.
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The tie-up is an effort to restore health to the two companies, which, like the rest of China's government-controlled airline industry, have been suffering heavy losses in recent years. Ahead of the deal, the government injected seven billion yuan in new capital into China Eastern in June. China Eastern, which lists shares in Shanghai and Hong Kong, also plans to raise around seven billion yuan more through a share sale.
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