Tuesday, 4 September 2007

Singapore Airlines set to buy China Eastern

Top Chinese carrier China Eastern is set to be purchased by Singapore Airlines in a US$918mil deal.

The plan was approved by the Chinese government last month after talks which lasted a year.

SIA the world's second biggest airline will be able to compete with Hong Kong carrier Cathay Pacific Airways better which owns over 17% of the flag carrier Air China.

“This is not a one-off financial investment – it's a strategic move for Singapore Airlines,” SIA chairman Stephen Lee said.

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