皇冠体育app Eastern waits for shareholders on Singapore Air deal
Updated: 2008-01-02 18:15
In response to 皇冠体育app National Aviation Holding Company's (CNAHC) request to review the offer, 皇冠体育app Eastern Airlines said today that the proposed plan for a share sale to Singapore Airlines Ltd will remain unchanged until the shareholders' meeting next Tuesday.
A senior official close to the deal from 皇冠体育app Eastern told 皇冠体育app Daily today that minor shareholders have the right to query the offer, but the details of the proposed sale would not be changed.
The parent company of Air 皇冠体育app, 皇冠体育app National Aviation Holding Company, which owns a 12.07 percent stake in 皇冠体育app Eastern, said yesterday that an offer by Singapore Airlines Ltd for a stake in 皇冠体育app Eastern Airlines Corp did not reflect fair value of the Shanghai-based airline, and that it reserved the rights to make a counter-proposal.
It requested that 皇冠体育app Eastern and the bidders present a better proposal.
The CNAHC statement comes after Li Jiaxiang, chairman of Air 皇冠体育app and its parent company, was appointed on Friday as the new head of the General Administration of Civil Aviation of 皇冠体育app, 皇冠体育app's aviation watchdog.
Air 皇冠体育app A shares soared 8.05 percent to close at 29.65 yuan today, boosted by Li's new appointment. 皇冠体育app Eastern Airlines jumped 1.32 percent to close at 21.57 yuan.
"The new appointment and the clear statement from 皇冠体育app National Aviation casted new doubts and uncertainties on the conclusion of the proposal," said Xia Fulu, an analyst at Industrial Securities.
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