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American Airlines has agreed to pay $200 million for a stake in China Southern Airlines, one of the country's three major state-owned carriers, and expand commercial cooperation.

China Southern Airlines said in an announcement Tuesday through the Hong Kong stock exchange the purchase will represent 2.76 percent of its shares.

China Southern said the purchase requires regulatory approval. It said details of closer cooperation have yet to be worked out but might include code-sharing, sales, passenger loyalty programs and sharing airport facilities.