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Business Digest, October 24, 2012

PUBLISHED : Wednesday, 24 October, 2012, 12:00am
UPDATED : Wednesday, 24 October, 2012, 5:32am

HNA buys 48pc of French airline

HNA, the fourth-largest airline group on the mainland and the parent of Hainan Airlines, acquired a 48 per cent stake yesterday in Aigle Azur. The Paris-based airline operates 12 Airbus 320s to destinations in North and West Africa. It will now extend its service to the mainland. Aigle Azur carried 1.77 million passengers last year. Charlotte So
 

Cathay tries again to take over Discovery

Cathay Fortune, a Shanghai-based private equity firm, announced yesterday a hostile takeover bid with the China-Africa Development Fund for Australia-listed Discovery Metals, valuing the copper miner at A$830 million (HK$6.62 billion). Cathay already has a 13.78 per cent stake in the explorer and producer, which focuses on Botswana. Discovery rejected an earlier bid. AFP
 

Results roundup

Huaneng Power International, the listed unit of the mainland's largest power producer, China Huaneng, posted a 757.3 per cent year-on-year rise in third-quarter net profit to 1.99 billion yuan, although revenue fell 8.1 per cent. Sophie Yu

  • Net profit for the first nine months at China Coal Energy, the listed unit of the mainland's second-largest coal producer, China National Coal, fell 22 per cent year on year to 6.85 billion yuan as sales rose but prices fell. Yvonne Liu
  • China Vanke, the country's largest property developer by sales, said its third-quarter profit more than doubled from a year earlier to 1.35 billion yuan, citing a recovery in the property market. Revenue rose 65 per cent. Reuters

 

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