Singapore won't increase offer for China Eastern

Singapore Airlines (SIA) will not increase its bid for China Eastern Airlines, the Financial Times reported. SIA maintained that its bid was fair and the maximum justified by China Eastern’s fundamentals. Earlier this week, China Eastern shareholders rejected SIA’s bid for a 24% stake in the carrier after Air China’s parent, China National Aviation Holding Company (CNAHC), said it would offer a higher bid for a similar stake. CNAHC has said that it will seek out a partnership, rather than a merger, with China Eastern.