American Airlines Takes $200 Million Stake in China Southern

American Airlines (AAL) - Get Report  will take a $200 million stake in China Southern Airlinesin the second move by a U.S. carrier into the world's fastest-growing commercial aviation market.

American will own around 2.68% of China Southern's outstanding shares after paying 1.55 billion Hong Kong dollars ($200 million) for a special issue of 270.6 million shares sold Tuesday by China Southern, according to a stock exchange statement. The HK $5.74 price is a 5.32% premium to China Southern's closing price on March 23, when the shares were suspended from trading amid speculation of a deal with American.