China Mobile Communications' purchase of 983 million shares in Phoenix Satellite Television has been approved by the State Development and Reform Commission (SDRC).

The purchase would help cooperation between China Mobile and Phoenix in terms of multimedia business.

The SDRC also approved a share-swapping deal between Air China and Cathay Pacific.

Air China will hold up to 17.5 percent of Cathay Pacific and wholly own China National Aviation Co., Ltd. while Cathay Pacific will increase its stake in Air China to 17.3 percent from 10 percent and completely own Dragonair.

The SDRC said the deal would help the two carriers cooperate more closely on flights between Hong Kong and the mainland and strengthen Hong Kong's position as aviation center.

Source:佚名