Hints and tips:
...CNAC’s proposal, which would provide China Eastern with a capital injection of at least HK$14.9bn ($1.9bn), came two weeks after CNAC scuttled a planned investment by SIA and its parent Temasek, which had...
...China Eastern said China National Aviation Corp (CNAC), the parent company of Air China, had made the approach “in the form of a letter and not a formal proposal as CNAC had promised on January 7”....
...The statement could prolong a stand-off between CNAC and China Eastern, which has said it will not even respond to CNAC’s proposal without more details....
...CNAC refused to disclose its own offer price or any other details of a potential bid....
...The sustained public opposition from state-owned CNAC is highly unusual, considering the SIA bid was approved by China’s central government....
...The fact that CNAC’s chairman was promoted to head the aviation regulator in the midst of the spat suggests CNAC had the backing of at least one regulatory agency....
...CNAC’s tactics have put the government in a potentially difficult situation....
...CNAC refused to disclose its own offer price....
...CNAC said it would pay at least HK$5 per share, against Singapore Air’s HK$3.8....
...Since CEA desperately needs cash and other foreigners are unlikely to oblige, it must now hope CNAC stumps up. Minorities have made a stand but there are side effects for China....
...The proposed bid is the latest step in an unusually aggressive battle by state-owned CNAC to scupper CEA’s planned tie-up with Singapore Airlines which has already been approved by China’s State Council....
...CNAC, which last year built a 12% stake in CEA’s HK-listed shares, has already hired an investment bank to work on its offer. CEA Holdings, a state-owned company, holds a further 60% stake in CEA....
...CNAC declined to comment and Temasek could not be reached....
...CNAC maintains it just wants to sit down and talk to China Eastern, which says it still wants a deal with SIA, which says it will not raise its bid and continues to sit patiently in the wings....
...CNAC declined to comment....
...s largest airline will also absorb China National Aviation (CNAC) and Beijing-backed CITIC Pacific?...
...In addition to buying out CNAC and CITIC’s stakes in Dragonair, Cathay increased its 10 per cent holding in Air China to 20 per cent....
...Shares in Cathay, Air China, Citic, Swire and CNAC were suspended from trading on Monday. The companies declined to comment....
...CNAC is Dragonair's biggest shareholder with a 43.29 per cent stake. Cathay also owns 17.79 per cent of Dragonair....
...CNAC, which is already listed in Hong Kong, said on Monday that its own biggest shareholder, CNACG, an unquoted Hong Kong holding company, has transferred its 69 per cent interest in CNAC to Air China....
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