Air China reached an agreement with CITIC Pacific to purchase a significant portion of the latter's stake in Cathay Pacific, raising its share in the Hong Kong carrier to 29.99% from 17.49%. According to a filing released yesterday by the Hong Kong Stock Exchange CA will purchase 491.9 million of CITIC's shares in CX at HK$12.88 ($1.66) per share, or a total of approximately HK$6.34 billion. Swire Pacific, which controlled 39.97% of CX, agreed to purchase another 78.7 million shares from ...

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