Deals
Cathay in Talks to Buy Shares in Hong Kong Express
- Hong Kong Express stake would let Cathay enter low-cost market
- Asia Pacific to see biggest gain in air traffic in two decades
Photographer: Daniel J. Groshong/Bloomberg
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Cathay Pacific Airways Ltd. is in talks to buy shares in Hong Kong’s only budget airline from Chinese conglomerate HNA Group Co., as Asia’s biggest international carrier seeks to gain a foothold in the region’s booming low-cost travel market.
Cathay is in “active discussions” about an acquisition involving Hong Kong Express Airways Ltd., the marquee carrier said in a statement Tuesday. There can be no certainty that any agreement will be entered into, Cathay said.