Air China has been beaten out in the battle for control (65%) of Shenzhen Airlines by two "little-known private companies," according to China Daily. Shenzhen-based Huirun Investment Co. and Beijing-based Bright Oceans Corp. outbid nearest rival Air China to take control of the South China-based carrier. The hammer fell at a price of 2.72 billion yuan ($328.5 million). Air China is the second-largest stakeholder in Shenzhen with 25% but said the price was too high.

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