Cathay Pacific Group has redeemed 50% of the HK$19.5 billion ($2.49 billion) preference shares that were issued to the Hong Kong SAR government as part of the group's recapitalization financing in 2020. The group says it plans to buy back the remaining HK$9.75 billion worth of shares by the end of July 2024. Cathay adds that it will continue to pay dividends on the remaining preference shares as they fall due. To date, it has disbursed HK$1.97 billion in preference share dividends to the Hong Kong government. "The investment by the government was essential in supporting the Cathay Group and upholding Hong Kong's status as an international aviation hub through the Covid-19 crisis," chief executive Ronald Lam states. "That we have been able to redeem half of the preference shares is testament to the hard work of our people and the encouraging progress we have made in our journey to rebuild."

Italy's government and Lufthansa Group have formally notified the European Commission of the German airline group's bid to take a stake in ITA Airways. In accordance with an agreement, signed in May, Lufthansa intends to purchase a 41% share in the Italian national carrier, with the possibility of eventually acquiring a majority stake later on. The Italian ministry of economy and finance says in a 30 November statement that "the concentration operation which provides for the entry of Deutsche Lufthansa into the capital of ITA Airways was formally notified this afternoon to the Directorate General for Competition of the European Commission". Lufthansa has said that by taking control of ITA it will be able to develop Rome Fiumicino into a new long-haul hub for the airline group, joining existing ones in Frankfurt, Munich, Vienna and Zurich. It also believes that ITA can play a role in feeding traffic into Lufthansa's existing network, as well as cementing the group's presence in Italy – already its third most important market after its home countries and the USA.

Alaska Air Group and Hawaiian Holdings have agreed to combine their airlines in a $1.9 billion deal that is expected to close in 12-18 months. Under the all-cash transaction, Alaska Airlines will acquire Hawaiian Airlines for $18 per share, valuing the latter's equity at $1 billion. Alaskan will also assume $900 million of Hawaiian's net debt. The transaction represents a large premium to Hawaiian's closing price of $4.86 per share on 1 December. There is no contingency financing, with cash on hand and new debt expected to finance the transaction, which shareholders will vote on during the first quarter of 2024. It will also be subject to anti-trust and other approvals. Although the two airlines will continue operating under their respective brands they will unify their operations and loyalty platforms, which is expected to generate $235 million of run-rate synergies. One-off integration costs are estimated at $400-500 million. The airlines state in an investor presentation that they have highly complementary networks with only 3% overlap, mainly on routes from the West Coast to Hawaii. "This combination is an exciting next step in our collective journey to provide a better travel experience for our guests and expand options for West Coast and Hawai‘i travelers," says Alaska chief executive Ben Minicucci. Hawaiian president and chief executive Peter Ingram says that the additional scale and resources of the transaction will allow it to "accelerate investments in our guest experience and technology, while maintaining the Hawaiian Airlines brand. "We are also pleased to deliver significant, immediate and compelling value to our shareholders through this all-cash transaction." Alaska will maintain its headquarters in Seattle, but with a "significant presence" in Hawaii through pilot, MRO and flight attendant bases. Fleets data shows that Alaska operates 227 Boeing narrowbody aircraft with a further 82 on order, while it has 14 Airbus A320ceos and five A321neos that are in storage. Hawaiian, meanwhile, has 60 aircraft in service, comprised of 25 A330s, 19 717s and 16 A321neos. It also has 12 787-9s on order, plus two A321neos and four 717s in storage. BofA Securities and PJT Partners are serving as financial advisors and O’Melveny & Myers is legal advisor to Alaska Airlines. Barclays is serving as financial advisor and Wilson Sonsini Goodrich & Rosati, Professional Corporation is legal advisor to Hawaiian Airlines.