Air China parent China National Aviation Holding Co. submitted its formal bid to China Eastern Airlines last Friday, it announced yesterday, saying it intends to purchase 2.9 billion H shares in CEA for at least HK$5 per share and raise its stake to 26.14% from the current 12.07%. According to China International Capital Corp., CNAC's financial adviser, CEA will earn HK$14.9 billion from the offer and reduce its debt ratio from the current 94.3% to 77%. The deal would increase CEA's annual ...

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