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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China Eastern, Shanghai Airline shares suspended By ELAINE KURTENBACH,AP Business Writer AP - Tuesday, June 9 SHANGHAI - Trading in shares of China Eastern Airlines and smaller rival Shanghai Airlines was suspended Monday, though neither carrier would comment on reports they plan to merge. ADVERTISEMENT China Eastern has gotten hundreds of millions of dollars in government aid as it struggles through the economic slowdown. Rumors that China Eastern might tie up with Shanghai Airlines or another competitor have been circulating for months. "Once things are decided, we will put a company announcement on the Shanghai Stock Exchange Web site. But nothing can be said at this moment," said Zhu Yan, a China Eastern spokesman. Calls to Shanghai-based China Eastern's board secretary, Luo Zhuping, rang unanswered. Late Monday, the airline issued a statement on the Hong Kong Stock Exchange saying it was in the midst of "planning matters in connection with the material restructuring" of the company and to reducing its debts. China Eastern will consult relevant government departments, but "uncertainties remain," it said without referring to Shanghai Airlines or any other details. China Eastern's shares were suspended from trading in both Shanghai and Hong Kong. Shanghai Airlines' Shanghai-traded shares were also suspended. China Eastern's statement said that its shares would remain suspended for now but that the company would provide weekly updates. Wang Wanlong, a Shanghai Airlines spokesman also would not comment on a possible tie-up with China Eastern. "I know nothing," Wang said. Reports by Hong Kong's South China Morning Post and other newspapers said China's civil aviation administration had ordered the two airlines to merge. Ownership is one potential problem. China Eastern's main owner is the central government, while Shanghai Airlines' controlling shareholder is the local government in Shanghai. "They surely are discussing a merger, but which side will get control? That's the key issue," said Qian Qimin, analyst at Shenyin Wanguo Securities in Shanghai. Like many carriers, both China Eastern and Shanghai Airlines reported losses last year and were already facing troubles before the worst repercussions of the global financial crisis hit China's economy. Merging the two carriers would reportedly give them more than half the local market, which is also shared with China Airlines, China Southern Airlines and other regional carriers. Shanghai, China's financial capital, is a key market and the city's plans to host the 2010 World Expo next year is seen as an opportunity for the carriers to boost their profile and business. China Eastern has so far obtained 7 billion yuan (about $1 billion) in government bailouts, with more to come, while Shanghai Airlines has gotten 1 billion yuan ($147 million). The government, which plays an active role in industry planning, appears determined to engineer a turnaround for China Eastern, which failed in an earlier attempt to enter an alliance with Singapore Airlines. Late last year, regulators put aviation industry veteran Liu Shaoyong in charge of revitalizing the company. China Eastern announced last week that it plans to form a joint-venture airline with the government of southwestern China's Yunnan province, a prime tourism destination. A consolidation with Shanghai Airlines might give the two airlines an edge through streamlining, but it was unclear if that would be enough to improve China Eastern's competitiveness _ a key aim of the failed equity sale to Singapore Airlines. "It's clear this is meant to ease the intense competition, but don't think it would work," Qian said. "In a shrinking market, you have to improve service." China Eastern's Shanghai-traded shares rose 1.1 percent on Friday to 5.33 yuan. They have risen 29 percent so far this year. Shanghai Airlines' shares rose 4.4 percent on Friday to 5.92 yuan. Its shares are up 35 percent so far this year. ___ Associated Press researcher Ji Chen contributed to this report. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy World Bank's Zoellick cautious on global outlookReuters - 2 hours 27 minutes ago China Eastern, Shanghai Airline shares suspendedAP - Tuesday, June 9 Oil drops below $68 as rally loses steamAP - Tuesday, June 9 STOCKS NEWS EUROPE-Addax shares jump on Sinopec bid reportReuters - Tuesday, June 9 Related Articles: Business UPS won't furlough pilots till at least April 2010AP - 1 hour 45 minutes ago Burned retirees sue Madoff trustee over claimsAP - 1 hour 47 minutes ago World Bank's Zoellick welcomes efforts on yuanReuters - 1 hour 57 minutes ago Bankruptcy court allows Asarco to set up custodial trustsReuters - 2 hours 13 minutes ago Legal quirk lets anyone sue firms over old patentsAP - 2 hours 21 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Life, health insurers invest big in tobacco President Obama's French food tested by 'taster' Carradine may have died from sex act: Thai police Hopes worst of crisis over fuel market rally: bank body Susan Boyle out of London clinic: brother View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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