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Airlines asked to review offer
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10:46, January 02, 2008

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Air China Ltd's parent yesterday said an offer by Singapore Airlines Ltd for a stake in China Eastern Airlines Corp did not reflect fair value and asked both parties to renew talks.

The proposed sale price of HK$3.8 per share "does not reflect the fair value of China Eastern Airlines", Air China's parent, China National Aviation Holding Co, said in a statement e-mailed by its media representative, Wonderful Sky Financial Group Ltd.

Opposition by China National Aviation, which holds about 10 percent of China Eastern's minority shareholders, may scuttle the HK$7.16 billion sale, which needs approval from two-thirds of the minority shareholders to pass on January 8.

Singapore Airlines and parent Temasek Holdings Pte are seeking to buy 24 percent of China Eastern to expand in China's growing aviation market.

China National Aviation said in the statement that some of the proposed terms required amendment before the plan was acceptable.

"Anti-dilution rights that China Eastern Airlines has agreed to grant to Singapore Airlines and Temasek and the non-competition clause in the investor subscription agreement fails to treat other shareholders of China Eastern Airlines equally and is unfair to the domestic and international investors," the statement said.

Source: China Daily/Agencies

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