Air China yesterday offered HK$3.23 billion ($416 million) to increase its stake in Cathay Pacific Airways to 17.5% as part of a transaction that will privatize China National Aviation Co., which controls Air Macau and catering, maintenance and ground handling services. CNAC agreed to sell its stake in Dragonair last week as part of the deal in which Cathay is taking over its fellow Hong Kong airline. "For Air China, the privatization will bring the operating units of CNAC under our direct ...

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