Air China and Cathay Pacific Airways yesterday signed a framework agreement in Beijing establishing a jointly owned, Shanghai-based cargo airline built on the assets of Air China Cargo. Air China will hold a 51% stake in the new carrier while Cathay will acquire a 25% stake and fund an offshore trust, in the form of a loan, to hold an additional 24%. CX's total investment in the new venture will be CNY1.67 billion ($244.1 million). The airlines launched their cooperation in 2006 when they ...

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