China Eastern Airlines formally rejected Air China's bid to raise its stake in the Shanghai-based airline from 12% to just over 26% yesterday and said it will continue its search for a strategic investor with a continued preference for Singapore Airlines. CA parent China National Aviation Holding Co. submitted its bid to CEA last month, saying it intended to purchase 2.9 billion H shares for at least HK$5 ($0.64) per share (ATWOnline, Jan. 23). CNAC also said it would cooperate with CEA, ...

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