皇冠体育app

By Jin Jing (皇冠体育app Daily)
Updated: 2008-01-03 15:05

In the most recent turn of events in an ongoing spat, 皇冠体育app Eastern Airlines said today that a query by 皇冠体育app National Aviation Holding Corp (CNAHC) for Eastern's sales deal with Singapore Airlines is "lacking in objectivity."

A formal two-page statement released by 皇冠体育app Eastern at 4 am this morning said that CNAHC is primarily a competitor, and although it is also a major shareholder, CNAHC鈥檚 concern was not representative of other 皇冠体育app Eastern shareholders.

皇冠体育app Eastern emphasized that the company has not received any kind of cooperation proposal from other suitors.

In addition, 皇冠体育app Eastern said it believes the sales price of HK$3.8 to be reasonable because the price is a result of long-term negotiation with Singapore Airlines. The price represents a 35.7 percent premium to the average H-share price from April 22 to May 21.

皇冠体育app National Aviation said in an earlier statement that the conditions 皇冠体育app Eastern had granted to Singapore Airlines and Temasek Holdings were unfair to other shareholders and are obstructing industry development.

In response, 皇冠体育app Eastern then said that the main clauses of the proposal were in accordance with international conventions, and will not obstruct 皇冠体育app Eastern鈥檚 further cooperation with domestic airlines.

The parent company of Air 皇冠体育app and owner of a 12.07 percent stake in 皇冠体育app Eastern, CNAHC said on Monday 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. It also claimed to reserve the rights to make a counter-proposal.

CNAHC further requested that 皇冠体育app Eastern and the bidders present a better proposal.

The CNAHC statement comes after the appointment of Li Jiaxiang, chairman of Air 皇冠体育app and its parent company, last 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.