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China Eastern soars after call for talks on deal to be renewed
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China Eastern Airlines Corp, set to sell a stake to Singapore Airlines Ltd, rose to its highest in more than three weeks in Hong Kong after the parent of Air China Ltd sought to renew talks on the transaction.

 

China Eastern, the nation's third-largest carrier, gained as much as 5.2 percent to HK$8.11 (US$1.04) and closed at HK$8.05 in Hong Kong yesterday. The stock more than quadrupled last year. SIA, Asia's most profitable carrier, fell one percent to S$17.20 (US$11.95) on the city-state's stock exchange.

 

China National Aviation Holding Co, the parent of Air China and owning about 10 percent of China Eastern's minority shareholding, said on Tuesday the sale price to SIA was inadequate and asked both companies to renew talks. The comments indicate Air China may come up with a counter offer, said Jack Xu, an analyst at SinoPac Securities Co in Shanghai.

 

"The chances that Air China will come forward with a higher bid are increasing," said Xu. "If they offer a higher price for China Eastern, the stock will react positively."

 

SIA and parent Temasek Holdings Pte are seeking to buy 24 percent of China Eastern to expand into China's growing aviation market. Under the plan, China Eastern's parent company would also invest HK$4.2 billion to maintain its majority, Bloomberg News said.

 

The HK$7.2 billion deal needs approval from two-thirds of China Eastern's minority owners when they meet on Tuesday to vote on the plan.

 

The proposed price of HK$3.80 per share "does not reflect the fair value of China Eastern Airlines," China National Aviation said in a statement on Tuesday.

 

China National Aviation Chairman Li Jiaxiang, a former air force general who turned Air China into the world's biggest airline by market value, aims to build a domestic "super carrier" to compete with SIA and Japan Airlines Corp.

Air China's parent previously considered making a counter-offer for a stake in China Eastern, though it scrapped the plan in September. A tie-up with China Eastern would give Air China a base in Shanghai, the Chinese mainland's commercial capital, and would enable it to dominate the world's fastest-growing major air market.

 

SIA Chief Executive Officer Chew Choon Seng said on December 12 the company wouldn't raise its offer.

 

(Shanghai Daily by Clare Cheung and Irene Shen January 3, 2008)

 

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