Shareholders Reject Singapore Air Offer – Jamil Anderlini

From The Financial Times:

Minority shareholders in China Eastern Airlines rejected the proposed sale of 24 per cent of the carrier to Singapore Airlines and its parent Temasek on Tuesday, following an unprecedented campaign by domestic rival to scupper the deal.

The rejection leaves China National Aviation Corp , Air China’s parent, free to make its own bid for CEA, which it has said will be for no less than HK$5 a share, a large premium to the HK$3.80 offered by SIA and Temasek, Singapore’s sovereign wealth fund. Hong Kong-based Cathay Pacific Airways, which has a cross-shareholding arrangement with Air China, said it may also join a bid by CNAC to take the stake CEA was planning to sell to SIA and Temasek. [Full Text]

See also: Showdown vote over China Eastern , from the Financial Times.

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