Hainan Airlines parent to purchase 48% stake in Aigle Azur

Hainan Airlines parent HNA Group has reportedly agreed to purchase a 48% stake in Aigle Azur for USD40 million with the deal expected to be announced as early as 23-Oct-2012, according to reports by La Tribune, Yicai and Nddaily.com. The sales still requires approval from China's Ministry of Commerce, National Development and Reform Commission and CAAC. Aigle Azur, which reported revenue of EUR320 million in 2011, will recruit more than 400 employees in France over the next 15 months.