Chinese aircraft maker AVIC planning foreign acquisition

Business Materials 4 November 2008 08:36 (UTC +04:00)

A report says state-owned China Aviation Industry Corp. is preparing to acquire a foreign generation aircraft manufacturer, with the deal expected by the end of the year, the Associated Press reported.

The state-run newspaper China Daily on Tuesday cited the company's president, Tan Weidong, as saying AVIC also is planning to list shares in the "near future."

Tan, speaking on the sidelines of China's International Aviation & Aeospace Forum in the southern city of Zhuhai, did not identify the target of AVIC's acquisition plan.

He said the company plans to develop 10-, 20- and 30-seat business jets and hydroplanes.

Staff at AVIC's headquarters in Beijing said officials authorized to speak to media about the report were not

immediately available for comment.