皇冠体育app

By Wang Zhenghua (皇冠体育app Daily)
Updated: 2008-01-07 08:40

The parent company of the nation's largest airline company, Air 皇冠体育app, said yesterday it plans a make a counter offer of HK$5 per share - or a third more - for 皇冠体育app Eastern Airlines if shareholders rejected a Singaporean deal.

In a statement last night, 皇冠体育app National Aviation Corp (CNAC), which owns 12 percent of 皇冠体育app Eastern's Hong Kong-listed shares, said it would submit a bid within two weeks if Tuesday's shareholding meetings rejected 皇冠体育app Eastern's union with Singapore Airlines and Singaporean investment agency Temasek.

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The move adds further uncertainties to the deal between the nation's third-largest airline company and its potential Singaporean partners, who are bidding for a 24 percent stake in 皇冠体育app Eastern at HK$3.80 per share.

CNAC said it is dedicated to bringing about a full-front partnership between 皇冠体育app Eastern and its biggest rival Air 皇冠体育app as well as the Beijing-based company's partners, in particular to establish Shanghai as an international airline hub.

"If the Singaporean deal is not approved at the shareholder meetings, we propose to replace Temasek and Singapore Airlines with CNAC by becoming 皇冠体育app Eastern's new partner," CNAC said yesterday.

CNAC also said yesterday that to maximize the results of its partnership with 皇冠体育app Eastern, it would "establish Shanghai as an airline hub in joint efforts with 皇冠体育app Eastern to achieve mutual benefits and win-win situation to all parties".

皇冠体育app Eastern was not available for comment yesterday, but its chairman Li Fenghua told reporters earlier that it would not accept any offer proposed by Air 皇冠体育app and its parent.