China Eastern spreads its wings, buying into French airline

China Eastern Air will invest about 375 million euros to acquire a 10 percent stake in Air France-KLM Group in a move expected to speed up the group's overseas expansion.

The share purchase, announced on Friday, is the largest investment the Shanghai-based carrier has made.

A wholly-owned overseas arm of China Eastern Air signed the agreement with the Paris-based airlines.

Another agreement for market cooperation was signed between the group's listed arm China Eastern Airlines and Air France-KLM.

At the same time, Atlanta-based Delta Air Lines which owns 3.55 percent of China Eastern, signed an agreement to also buy a 10 percent stake in Air France-KLM. Both China Eastern and Delta will send a board member to Air France-KLM after the deal.

The three major carriers in Asia, America and Europe said they are looking to build closer commercial ties and jointly explore the global aviation market.