China National Aviation Holding Company (CNAHC), the parent company of Air China, said on Monday that it had offered to buy a 30% stake in rival China Eastern Airlines for at least HK$5 (US$0.64) per share, the Wall Street Journal reported. The offer comes after shareholders of China Eastern voted on January 8 to reject a bid for a 24% stake in the airline by Singapore Airlines and Temasek Holdings, Singapore’s sovereign-wealth fund. CNAHC had argued that the Singapore offer, for HK$3.80 (US$0.49) a share, did not represent a fair valuation of the airline, one of China’s top three by passenger volume. China Eastern said it would consider CNAHC’s new proposal, but later voiced doubts about its "sincerity."
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