Aviation News
- Eastern Air confident of Singapore deal
Date: 29-Nov-2007 Sources: (Shenzhen Daily)
CHINA Eastern Airlines Corp. will make every effort to achieve the sale of a stake to Singapore Airlines Ltd., China Eastern Airlines chairman Li Fenghua said yesterday.
China Eastern Airlines has the full support of various government departments, including the State Council, on the deal, Li said.
The deal is still subject to the approval of China Eastern Airlines's shareholders, he said.
The company's shareholders are scheduled to vote in Shanghai on Jan. 8 on the company's plan to sell a 24 percent stake to Singapore Airlines and Temasek Holdings Pte.
Questions about the success of the deal arose in September when it emerged State-owned China National Aviation Holding Co. (CNAHC), a minority shareholder in China Eastern, and Hong Kong's Cathay Pacific Airways Ltd. were putting together a counteroffer.
However, CNAHC, the parent company of Air China Ltd., and Cathay Pacific soon aborted their plan. A person familiar with the situation said at the time mainland regulators had blocked it from proceeding, while CNAHC said in September it wouldn't attempt another stake purchase in China Eastern for three months, until Dec. 18.
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