September 2022, Virtual
September 29 2022, Virtual
Now in its 27th year, the Business Travel Awards
Hong Kong-based Cathay Pacific Airways, which has just celebrated 60 years, has completed its takeover of Dragonair. The buyout was finalised on September 28.
Founded in 1985 Dragonair has always had a close relationship with Cathay. The airline flies to 22 Chinese cities which will now form part of the overall Cathay marketing effort. It will significantly increase its exposure to the Chinese mainland market.
Cathay agreed in June to acquire the shares in Dragonair that it did not already own from China National Aviation Co, CITIC Pacific Ltd and Swire Pacific Ltd, its parent. Cathay will also increase its stake in flag carrier Air China to 17.5% from 10%, while Air China will take a 17.5% stake in Cathay.
About 5% of Dragonair staff are expected to face job losses as a result of the buyout.