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China's Hainan Airlines pulls out of bid for Malev
Airline Industry Information, Oct 26, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Chinese regional carrier Hainan Airlines has pulled out of a proposed takeover of the Hungarian national airline Malev after reviewing a feasibility study.
The airline, in which Hungarian financier George Soros has an indirect 14.8% stake, said that it would face too many obstacles due to Hungarian government policy. A spokesperson for the airline denied that the decision was made because its three times weekly flights on the Haikou-Beijing-Budapest route were struggling.
Hainan Airlines is now seeking new long-haul routes and will focus on using the 30 new aircraft it is due to receive in 2005 on expanding its services, reports AFX.
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COPYRIGHT 2004 M2 Communications Ltd.
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