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Air China outbid in Shenzhen Airlines auction Yi Yang and Huirun Investments agree to pay 2.72b yuan for controlling stake.
(From South China Morning Post)
Byline: AVIATION Russell Barling and Sijia Tiong
Two unlisted mainland companies jointly outbid Air China for a controlling stake in Shenzhen Airlines yesterday in a move that looks set to see another privately held airline competing within the lucrative domestic market.
The joint venture, formed by Yi Yang Group and little-known, Shenzhen-based Huirun Investments, agreed to pay 2.72 billion yuan, eclipsing the Air China bid by 10 million yuan, according to a source with knowledge of the deal.
"The [Air China] board of directors set a price cap on what they were willing to bid for Shenzhen Airlines," an …
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