China Southern Airlines has approved the takeover of Hebei Airlines by its subsidiary Xiamen Airlines. Xiamen will purchase 99.2% stakes in the loss-making carrier for CNY749 million ($122 million), according to a statement released through the Hong Kong Stock Exchange. Hebei Airlines parent Hebei Aviation Group, which is controlled by Hebei Jizhong Energy Group, holds a 62% stake. Sichuan Airlines and Shenyang Zhongrui Co. hold a 35% and 3% stake, respectively. China Southern also approved ...

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