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Singapore Airlines: Eastern Europe
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Singapore Airlines will have the right to subscribe for new shares in proportion to its shareholding in the event of a further placement of China Eastern shares, the airline said in a statement today. It ... has a future right to increase its stake at a time when foreign ownership restrictions imposed by China may be liberalized, the statement said.
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Talks about a sale started in March 2007 when Singapore Airlines and China Eastern started negotiations about a possible deal. According to Forbes the deal would have helped China Eastern's earnings and accelerate the consolidation and would have improved the market position of China's third-largest airline. Talks went on throughout the year and both companies suspended trading of their shares on May 21, 2007, according to a AFP press release.
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Singapore Airlines will pay HK$4.7 billion for 1.24 billion of those shares, while Temasek will shell out HK$2.5 billion for 649 million of them, the report said. The remaining 1.1 billion shares will be purchased by China Eastern's parent, China Eastern Air Holding, for HK$4.2 billion.
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