China Eastern to resume Singapore Airlines talks
China Eastern Airlines will resume talks over a stuttering share sale with Singapore Airlines after the Olympics, state media reported on Wednesday.
By Agencies |
SHANGHAI: China Eastern Airlines will resume talks over a stuttering share sale with Singapore Airlines after the Olympics, state media reported on Wednesday.
"We will discuss the issue after the Olympics, and all things will become clear then," said Luo Zhuping, board secretary of China Eastern, in an interview with the China Daily.
"Introducing Singapore Airlines can help us improve our financial status and enhance the service quality."
Singapore Airlines and Temasek Holdings, Singapore's state-linked investment firm, signed a preliminary deal last September to take a 24-percent stake in China Eastern for 923 million US dollars.
But the deal was voted down by minority shareholders in January after China National Aviation Corp. (CNAC), the parent company of Air China, indicated it would make a higher offer. China Eastern's management then rejected the CNAC offer, insisting it would continue to seek a partnership with Singapore Airlines.
Luo said he was unconcerned that the original deal was set to expire on August 9, a day after the Games starts.
"It can be prolonged, theoretically," said Luo, according to the report. The Games end on August 24.
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Singapore Airlines would not confirm a timetable for talks. "As we have already outlined, we maintain a dialogue with China Eastern Airlines," spokesman Stephen Forshaw told AFP from Singapore. Download
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