Air China shares suspended in Hong Kong
Trading in Air China shares was suspended Monday amid speculation it will team up with Hong Kong's Cathay Pacific to block Singapore's bid to gain a foothold in the Chinese aviation market.
By Agencies |
HONG KONG: Trading in Air China shares was suspended Monday amid speculation it will team up with Hong Kong's Cathay Pacific to block Singapore's bid to gain a foothold in the Chinese aviation market.
In a statement to the Hong Kong stock exchange, the Chinese flag carrier said its shares had been suspended from trading without citing a reason.
Trading in Cathay's Pacific's shares was also halted Friday pending an unspecified development.
There has been speculation that both airlines will team up to try and scupper the Singaporean carrier's plan to acquire a key stake in struggling China Eastern, the nation's third-largest carrier.
Singapore Airlines and the city-state's Temasek Holdings said earlier this month that they planned to buy a combined 24 percent stake in the Chinese carrier for 923 million dollars.
The South China Morning Post reported that Cathay would use its alliance with Air China, China's largest airline and an 11 per cent stakeholder in China Eastern, to block the plan at a December shareholder meeting.
Britain's Daily Telegraph put the price tag for the stake at four billion dollars.
Analysts have said the deal would offer Singapore Airlines, among the world's most profitable carriers, a foothold in the fast-growing Chinese aviation market.
In a statement to the Hong Kong stock exchange, the Chinese flag carrier said its shares had been suspended from trading without citing a reason.
Trading in Cathay's Pacific's shares was also halted Friday pending an unspecified development.
There has been speculation that both airlines will team up to try and scupper the Singaporean carrier's plan to acquire a key stake in struggling China Eastern, the nation's third-largest carrier.
Singapore Airlines and the city-state's Temasek Holdings said earlier this month that they planned to buy a combined 24 percent stake in the Chinese carrier for 923 million dollars.
The South China Morning Post reported that Cathay would use its alliance with Air China, China's largest airline and an 11 per cent stakeholder in China Eastern, to block the plan at a December shareholder meeting.
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Britain's Daily Telegraph put the price tag for the stake at four billion dollars.
Analysts have said the deal would offer Singapore Airlines, among the world's most profitable carriers, a foothold in the fast-growing Chinese aviation market.
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