China Eastern Airlines has completed its takeover of Shanghai Airlines, after it finalised a shares swap.
The exchange of shares was completed on 28 January, says China Eastern.
It offered to take over Shanghai Airlines in July in a 9 billion yuan ($1.3 billion) deal, by swapping 1.3 of its Shanghai-listed A-shares for every Shanghai Airlines share.
After the transaction, the total issued share capital of China Eastern was increased to almost 11.2 billion shares from 9.6 billion shares, says the airline.
Its parent company China Eastern Air Holding has a 42.8% stake in the carrier, while CES Global, a unit of the parent company, holds 17.1%.
Source: Air Transport Intelligence news
