Singapore bid for China Eastern rejected

China Eastern Airlines shareholders voted against a bid by Singapore Airlines (SIA) and Temasek Holdings to buy a stake in the Shanghai-based carrier, the Financial Times reported. Singapore’s flagship airline and sovereign wealth fund had offered HK$3.80 (US$0.49) a share for a 24% stake in the airline. SIA did not say whether it would consider re-submitting its bid. A counter-offer of HK$5 (US$0.64) per share by Air China parent China National Aviation Holding Company (CNAHC) had been strengthened by Hong Kong-based Cathay Pacific’s announcement on Monday that it would consider backing the CNAHC bid.