Air china to hold 51% in Cathay cargo venture

Air China will hold a 51% of a cargo venture with Cathay Pacific which it hopes to finalize in the first half of next year, Reuters reported, citing a Chinese airline executive. According to an industry newsletter, the two carriers will provide 10 Boeing 747-400 freighters to their Shanghai-based venture which will take off before the Shanghai World Expo in May 2010. An Air China spokesman said discussions for the tie-up were on-going between the two carriers and no financial details, including the total investment of the venture and the fleet, size had beed finalized. Air China bought a further 12.5% stake in Cathay, raising its interest in the Hong Kong-based carrier to 29.99%