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SHANGHAI, CHINA - CHINA Eastern Airlines will resume talks over a stuttering share sale with Singapore Airlines after the Olympics, state media reported.
'We will discuss the issue after the Olympics, and all things will become clear then,' said Mr Luo Zhuping, board secretary of China Eastern, in an interview with the China Daily on Wednesday.
'Introducing Singapore Airlines can help us improve our financial status and enhance the service quality.'
Singapore Airlines and Temasek Holdings, Singapore's state-linked investment firm, signed a preliminary deal last September to take a 24-per cent stake in China Eastern for US$923 million (S$1.3 billion).
But the deal was voted down by minority shareholders in January after China National Aviation, the parent company of Air China, indicated it would make a higher offer.
China Eastern management then rejected the CNAC offer, insisting it would continue to seek a partnership with Singapore Airlines.
Mr Luo said he was unconcerned that the original deal was set to expire on Aug 9, a day after the Games starts.
'It can be prolonged, theoretically,' said Mr Luo, according to the report.
The Games end on Aug 24.
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