Virgin Australia confirms stake sale to HNA Group

As previously reported, Virgin Australia, has formally announced the agreement with HNA Group to form a strategic commercial alliance, which involves HNA buying a 13% stake in the Australian airline for $159 million or 30 cents per share, which is a 7.1% premium to the last trading price of 28 cents a share on 30 May 2016. Under the commercial alliance, the two airlines will introduce direct flights between Australia and China and co-operate on commercial functions including code-sharing, frequent flyer programs, lounge access and promotion of tourism and business travel. HNA intends to increase its shareholding over time up