Air China plans to sell majority share in its cargo business

Air China is looking to sell a 51% stake in its Air China Cargo business. According to a report in Reuters, a “sister unit” of the Shanghai-based carrier will be making the acquisition, parting with roughly $354m in the process. The flag carrier said the decision had been made – despite improving profitability – because of “intensifying competition”, uncertainties in international trade and exchange rate fluctuations. While other shareholders, including Cathay Pacific, have priority when it comes to purchasing or selling ...