Manufacturing Industry
China's Hainan Airlines pulls out of bid for Malev
Airline Industry Information, Oct 26, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Chinese regional carrier Hainan Airlines has pulled out of a proposed takeover of the Hungarian national airline Malev after reviewing a feasibility study.
The airline, in which Hungarian financier George Soros has an indirect 14.8% stake, said that it would face too many obstacles due to Hungarian government policy. A spokesperson for the airline denied that the decision was made because its three times weekly flights on the Haikou-Beijing-Budapest route were struggling.
Hainan Airlines is now seeking new long-haul routes and will focus on using the 30 new aircraft it is due to receive in 2005 on expanding its services, reports AFX.
((Comments on this story may be sent to aii.feedback@m2.com))
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