Wahaha & Danone in JV Split
To no-one's surprise, Wahaha Group has said it will end its joint
venture with France's Danone Group, the South China Morning Post
reports. Danone apparently asked for compensation of between EUR800m
and EUR1.7 bn to quit. Wahaha's Chairman Zong Qinghou was quoted as
saying that this price is "too high and unreasonable". The two
companies were engaged in legal battles throughout last year. Emmanuel
Faber, Danone's Head of Operations in China, resigned in January.
Chenming Paper Lists Shares in Three Stock Markets
The mainland's biggest paper producer, Chenming Paper Holdings, plans
to launch an IPO of HKD4.19 bn in Hong Kong, Shanghai and Shenzhen,
state media reports. The Shangdong-based company will issue 355.7
million shares, or 17.25 per cent of its share capital, for a price
somewhere between HKD9 and HKD11.80. International Business Times
writes that Chenming is the first company to list simultaneously at all
three major stock exchanges. Trading is expected to start on 18 June.
Chinese Airlines Raise Fuel Charges
China Southern Airlines and Hainan Airlines will increase fuel charges,
on 1 June, by one-third for all international flights, the airlines
announced. The charges will rise from RMB600 to RMB800 per passenger
for flights from China to Europe, the United States, Africa and the
Middle East. This is the second fuel surcharge increase in this year.
Higher oil prices have also led U.S. Airways to put back the launch of
its new Philadelphia-Beijing route, from 2009 to 2010.
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