China National Aviation Holding Co. and Air China announced yesterday that CNAC will make its own bid for China Eastern Airlines in two weeks if the latter's stake sale to Singapore Airlines is vetoed by shareholders at a meeting scheduled for today. CNAC said in the statement that it intends to purchase the Shanghai-based carrier's no-more-than-30% stake at a per-share price of HK$5 ($0.64)--much higher than the HK$3.80 on offer from SIA--and cooperate with CEA in a manner that the Air ...

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