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Wednesday, 10 August 2011

AirAsia takes stake to save ailing Malaysia Airlines

Fast-growing budget flyer AirAsia will acquire 20.5 per cent of flag-bearer Malaysia Airlines under a strategic tie-up announced Tuesday aimed at turning around the loss-making national carrier.

The deal gives Malaysia-based AirAsia's CEO Tony Fernandes -- who took over the no-frills carrier a decade ago and made it one of the industry's biggest success stories -- a key voice in salvaging his struggling rival's fortunes.

"I think we can make a lot of money. We can be more productive if we put our energies together rather than working against each other... Our objective is to grow," Fernandes told reporters at a joint press conference.

Read more: http://www.smh.com.au/travel/travel-news/airasia-takes-stake-to-save-ailing-malaysia-airlines-20110810-1illr.html#ixzz1UaKjsTvr


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