China Eastern Airlines finalized a deal to acquire Shanghai Airlines for CNY9 billion ($1.32 billion) in an effort to gain control of the commercial air travel market in China's largest city. CEA said in a statement released yesterday that it will conduct the acquisition through a share swap of 1.3 China Eastern shares for each Shanghai Airlines share, a transaction that still requires the approval of both a shareholders' conference and relevant government organs. Both carriers resumed ...

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