China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
China Eastern says Singapore Air deal very likely
BEIJING (Reuters) - China Eastern Airlines (0670.HK) (600115.SS) is still in talks to sell a stake to Singapore Airlines (SIAL.SI) and it is very likely the two carriers will complete a deal, China Eastern Chairman Li Fenghua said on Thursday.
He gave no specific timetable for an equity deal but said it would have to take a back seat to the more pressing priorities of relief efforts after this week's devastating earthquake in southwest China and preparations for the Beijing Olympic Games in August.
In January, China Eastern's minority shareholders rejected its proposal to sell a 24 percent stake to Singapore Air and Singapore state investment agency Temasek TEM.UL for $920 million.
The thumbs-down came after the parent of Air China (601111.SS) expressed interest in a tie-up with China Eastern, which the Shanghai-based airline rejected.
China Eastern is making preparations to open an office in Taiwan in anticipation of the opening of direct flights across the Taiwan strait, Li said, speaking to Reuters on the sidelines of an industry event.
He said the carrier had sent 15 planes and six helicopters to help with rescue work in Sichuan province, where a 7.9 magnitude earthquake on Monday killed 150,000 people and more are feared dead.
(Reporting by Hua Zhongwei; Writing by Fang Yan; Editing by Edmund Klamann)
