Cathay to support an Air China bid
17 January 2008
Cathay Pacific Airways CEO Tony Tyler said his company will support Air China if it makes a bid for China Eastern Airlines, Reuters reported. Cathay and Air China hold stakes in each other. Air China's parent, China National Aviation Holding Corp (CNAHC), has said it will make a bid to increase its 12.07% share in China Eastern. The CNAHC proposal came in the wake of a failed attempt by Singapore Airlines and the island-state's investment fund Temasek to buy 24% of China Eastern for US$920 million. The deal fell through when China Eastern minority shareholders rejected the proposal at a meeting last week.
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