Originally Posted by
ernestnywang
I thought Swire and CA had an agreement that CA cannot be the shareholder of another HKSAR-based carrier.
Err no. CA promised it won't mount a hostile takeover of CX or allow someone else to do so (without CX's consent), but not to refrain from investing in competitors
www1.hkexnews.hk/listedco/listconews/sehk/2006/0706/ltn20060706020.pdf#page=11
While my first impression of the CA takeover of HX was "weird...", I now rationalise it's just really CA probably obtaining the all or majority of HX shares (PPB be damned...). CX (in the ideal case, where minority shareholders' interests are respected) won't share any info flow with CA and CA's shareholding of CX will go totally passive.
Of course, in reality, it's like your long-term domestic partner somehow acquiring a concubine. Complicated.