BEIJING—China Eastern Airlines and Juneyao Airlines have announced plans to deepen cooperation and take large shares in each other’s equity. A key effect of the move will be to reduce competition at Shanghai, since both airlines are based there. Together they will have more than 50% of the Shanghai market, China Eastern said. The carriers remain affiliated to different alliances, however. China Eastern is a SkyTeam member, while Juneyao is a Star Alliance connecting ...

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