American secures stake in China Southern

American Airlines has bought a stake in China Southern Airlines, which was confirmed in a stock filing from the Chinese airline this morning. American has purchased 270,606,272 shares for HK$1,553.28 million (US$200 million), which represent approximately a 2.67% overall stake in the carrier. American paid HK$5.74 per share, which is a 4.6% premium on its closing price of HK$5.49 on March 27, 2017 and a 7% premium over the five day average stock price. Under the terms of the agreement, American Airlines is permitted to appoint one member to the board of China Southern, although they will not be entitled