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 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
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