Cathay's Dragonair Takeover Expected Soon

Hong Kong's Cathay Pacific Airways was negotiating on Wednesday towards a takeover of rival Dragonair in a deal said to be worth roughly USD$1.3 billion that could be announced within 24 hours, sources familiar with the situation said.

Shares in five listed firms involved in the deal were suspended for a third day on Wednesday as the companies and their investment bankers hammered out a complicated transaction that also includes Beijing-run Air China and requires government approval.

More...