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SIA not to raise offer for China Eastern stake

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

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

Related readings:  China Eastern Airlines to set up Taiwan office  China Eastern and Korean Air expand code share cooperation  China Eastern shares gain on merger speculation  China Eastern to raise over 15b yuan

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 China 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, China is one of SIA's most important markets. SIA has 66 weekly flights to China, of which 35 serve Shanghai.