Reunion-based Air Austral has finalized its equity joint venture with Air Madagascar, agreeing to take a 49% stake alongside the Madagascan government which will maintain a controlling 51% shareholding. Air Austral, which is already partnered with Air Madagascar through the Vanilla Alliance, was selected as Air Madagascar’s preferred partner in March after beating a rival short-listed bid from Star Alliance carrier Ethiopian Airlines. Building on this initial selection, the two ...

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