ATW Daily News

China Eastern shareholders to reconsider SIA bid following Olympics

Wednesday May 7, 2008

China Eastern Airlines plans to schedule a second shareholder conference to consider Singapore Airlines' bid for a strategic stake following the Aug. 24 conclusion of this summer's Olympic Games. CEA minority shareholders rejected SIA's purchase of a 24% stake in January (ATWOnline, Feb. 14). "So far there is no specific timetable for our second shareholders conference, as all Chinese domestic carriers currently are busy with preparing for the upcoming Beijing Olympic Games," CEA Board Secretary Luo Zhuping said yesterday while confirming the carrier will set a new vote after the Olympics.

Meanwhile, CEA rejected widespread reports that it is considering resubmitting SIA's bid at its annual shareholders conference scheduled for June 30. SIA spokesperson Stephen Forshaw said the carriers remain in negotiations and confirmed that "no timetable has been fixed for the second shareholders conference."

by Katie Cantle

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