Air China to infuse $996 million in Shandong Aviation Group

Air China has acquired a majority stake in Shandong Aviation Group and is offering to buy up shares from small and medium shareholders at a price of $0.33 a share. Air China also plans to invest an additional amount of $966.2 million in Shandong Aviation, which will give it a 66% stake. This share price is considerably less than the firm’s closing price of HKD4.73, but the tender offer was determined in June 2022 when Air China first announced that it would bail out Shandong Airlines based on the weighted average price of the carrier’s shares in the 30 days