Competition For China Eastern Continues

March 2008 | M&A News Alert

On March 18 Singapore Airlines and Air China both reiterated their interest in acquiring a stake in China Eastern. Last year, Singapore Airlines and Temasek, Singapore's state investment agency, offered HKD3.80 (US$0.49) per share for a 24% stake in China Eastern. However, Air China, a minority stake holder in China Eastern, was able to block the deal by rallying minority shareholders together, resulting in the rejection of the offer in January. Air China then made a counter offer of HKD5 per share which China Eastern rejected in February.

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