Hong Kong flagship carrier Cathay Pacific Airways Ltd said on Tuesday it is in &...
HONG KONG/SINGAPORE - Hong Kong flagship carrier Cathay Pacific Airways Ltd said on Tuesday it is in “active discussions” about an acquisition involving budget airline Hong Kong Express Airways Ltd, although an agreement has yet to be reached.
The Hong Kong carrier has instead shifted some destinations from its main brand to its regional carrier, Cathay Dragon, as part of a transformation plan designed to cut costs and increase revenue. It has ordered 32 Airbus SE A321neos for Cathay Dragon. A person close to HNA said Cathay was in preliminary discussions with HNA regarding an acquisition of HK Express but that the two parties had not agreed on any terms.Given Cathay’s dominance of Hong Kong’s aviation market, a deal could attract scrutiny from the competition regulator.
Shares of Cathay have risen more than 19 percent so far this year, compared with an 8 percent fall in 2018. The airline’s shares jumped more than 3 percent on Tuesday morning. “Our home-based airport is full at the moment, or largely full, and so it’s not a perfect place to develop a model from scratch,” he told CAPA Centre for Aviation last May.
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