china-eastern-minorities-reject-sia-deal

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 which last year looked well set to secure a deal that would have given it a foothold in Shanghai, the second most lucrative hub in the worldÆs fastest growing aviation market.

The deal required support...
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