Delta just completed their purchase of Gol and China Eastern shares.

The 3.55% of China eastern is actually 10% of the H shares. H shares are the shares traded on the Hong Kong exchange, only H shares can be purchased by non Chinese entities. This means if Delta bought all the H shares they would own 35.5% of China Eastern. This is unlikely but other U.S. carriers will follow suit to lock up a Chinese partner. Quantas is already trying to buy shares of China Eastern.

Delta now owns 16.2% of Gol preferred stock. JV partner Air France-KLM has made a similar investment in Gold. Current stock price is $1.13 and could be an opportunity to buy more.

Aeromexico ownership is rumored to be about 20% through derivatives.