China Eastern, Shanghai merger complete
15 / 02 / 2010
CHINA Eastern Airlines and Shanghai Airlines have completed their merger. The new company has total assets of over CNY150 billion (US$21.9 billion), which accounts for nearly half of Shanghai’s aviation market.The two Shanghai-based carriers will actively cooperate with marketing, aircraft maintenance, ground service, freight and operation control. China Cargo Airlines and Shanghai Airlines Cargo will both be integrated. China Eastern is currently in talks with other shareholders of the two companies to smooth that process.Ma Xulun and Tang Bing, general manager and vice general manager of China Eastern will become Shanghai Airlines’ chairman and general manager, respectively.After the merger, China Eastern Air Holding will become the majority shareholder of the new company, owning 61 per cent. The second and third largest shareholders will be Shanghai Alliance Investment and JinJiang International Holdings respectively.