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By WANG YING in Shanghai | chinadaily.com.cn | Updated:2017-07-28 19:52China Eastern Air will invest about 375 million euros to acquire a 10 percent stake in Air France-KLM Group in a move expected to speed up the groups overseas expansion.
The share purchase, announced on Friday, is the largest investment the Shanghai-based carrier has made.
A wholly-owned overseas arm of China Eastern Air signed the agreement with the Paris-based airlines.
Another agreement for market cooperation was signed between the groups listed arm China Eastern Airlines and Air France-KLM.
At the same time, Atlanta-based Delta Air Lines which owns 3.55 percent of China Eastern, signed an agreement to also buy a 10 percent stake in Air France-KLM. Both China Eastern and Delta will send a board member to Air France-KLM after the deal.
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