China Eastern minorities reject SIA deal

The vote clears the way for a counter bid from Air China.

Minority shareholders in China Eastern Airlines yesterday voted down a deal to sell a 24% stake in ChinaÆs third largest carrier to Singapore Airlines SIA for $923 million.

In what has become a contested bid between two state-owned enterprises û virtually unheard of previously in China - the deal appeared doomed after rival carrier Air China announced over the weekend that it would offer a higher price for a stake in China Eastern.

The rejection is a blow for SIA...

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