Cathay Pacific Airways has secured overwhelming shareholder approval for a proposed takeover of Dragonair. Shareholders of Cathay, Air China, China National Aviation (CNAC) and CITIC Pacific all voted on the proposed deal late in August and shareholders gave roughly 99% approval in separate ballots. As of late September, only final regulatory approvals were still needed to complete the deal, which will enable Cathay to acquire the 82.21% of Dragonair that it does not already own as well as increase its stake in Air China to 20%. Cathay has been seeking to expand its limited presence in mainland China for some time and the Dragonair takeover will give it instant access to more than 20 Chinese cities.
Source: Airline Business
