Editorial Summary

The state-owned China National Aviation Corp. (CNAC) said on Sunday that it would bid at least HK$5 per share for a 24 percent to 30 percent stake in Shanghai-based China Eastern Airlines (600115.SH; 0670.HK; NYSE: CEA) if China Eastern's minority shareholders rejected Singapore Airlines and Singapore government-controlled Temasek's bid for a 24 percent stake in the airline, reports Sina. China Eastern shareholders will vote on the deal on Tuesday. The Singapore Airlines/Temasek offer is for HK$3.8 per share. CNAC, Air China's (601111.SH; 0753.HK) parent company, would submit a proposal to China Eastern's board within two weeks outlining plans to form a strategic alliance between China Eastern Airlines and Air China, according to the report. CNAC owns a 12 percent stake in China Eastern Airlines.