Shareholders in China Eastern Airlines have rejected Singapore Airlines' bid for a 24% stake in HK shares end year up 39% ...
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The $920m (Ј465m) bid needed to get a two-thirds majority of both Shanghai and Hong Kong shareholders.
The bid was backed by the Singapore government investment vehicle Temasek.
Its rejection may open the door to other offers such as one from its bigger rival Air China, possibly backed by Cathay Pacific.
The deal had looked certain to go through until Air China said it would pay more if shareholders rejected the tie-up.
"China Eastern would be worried about their financial position now," said Eva Yip from Sun Hung Kai Financial in Hong Kong.
"There's a need for the introduction of a foreign investor, to ease their financial burden."
China Eastern, based in Shanghai, flies domestic routes within China.
(BBC)
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