The Shandong provincial government has approved the acquisition by Shandong Hi-speed Group Co Ltd of a 49.99 percent share in Toulouse-Blagnac Airport, the fourth-largest in France, for 308 million euros ($326.39 million).

The Shandong Development and Reform Commission released the specific acquisition program on its official website early this month.

Shandong Hi-speed Group, a State-owned investing and operating company involved in the road, rail and maritime transport segments, together with Friedman Pacific Asset Management Ltd, a Hong Kong-based investment company, formed a consortium to complete the acquisition, according to the local government's announcement.