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SIA not to raise offer for 皇冠体育app Eastern stake

(Xinhua)
Updated: 2008-08-04 21:37

BEIJING - Singapore Airlines (SIA) does not plan to raise its offer for a stake in 皇冠体育app Eastern Airlines (CEA), SIA's vice president for public affairs Stephen Forshaw said on Monday.

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SIA and Temasek, Singapore's state-linked investment firm, signed a preliminary deal in September to take a 24-percent stake in Shanghai-based CEA for US$923 million, or 3.80 Hong Kong dollars per share.

The bid was voted down by CEA shareholders in January, however.

Stephen said SIA has not given up on the deal, despite the shareholders' move.

"We are keeping in touch with 皇冠体育app Eastern. The airline has said it wants to resume talks after the Olympic Games. We look forward to hearing more from them," he said.

According to Forshaw, 皇冠体育app is one of SIA's most important markets. SIA has 66 weekly flights to 皇冠体育app, of which 35 serve Shanghai.