InfoAnda - China Eastern, Shanghai Airlines told to merge: report

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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 Airlines told to merge: report AFP - Tuesday, June 9 BEIJING (AFP) - - Shares in China Eastern Airlines and Shanghai Airlines shares were suspended Monday, amid media reports that the government had ordered the two ailing carriers to merge. ADVERTISEMENT Shares in the two Shanghai-based carriers were suspended pending an announcement on "important issues," according to a statement posted on the Shanghai stock exchange's website. "We received instructions from the government Saturday about the consolidation," Feng Xin, vice-president of Shanghai Airlines, was quoted Monday by the Hong Kong-based South China Morning Post as saying. The merger will give China Eastern, one of China's three major airlines, a 50 percent market share in Shanghai Airlines, the report said. China's aviation industry is facing strong head winds amid the global economic downturn, with the three leading carriers Air China, China Southern and China Eastern losing a combined 4.3 billion dollars last year. China Eastern alone suffered a net loss of 2.2 billion dollars last year due to falling passenger numbers, rising fuel costs and bad bets on fuel hedging contracts. The government has injected nine billion yuan (1.3 billion dollars) into the company since late last year to help it through the hard times. Shanghai Airlines booked a net loss of 1.3 billion yuan in 2008, after losing 479 million yuan the year before. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Oil drops below $68 as rally loses steamAP - 2 hours 23 minutes ago China requires PCs to come with anti-porn softwareAP - Tuesday, June 9 STOCKS NEWS EUROPE-Addax shares jump on Sinopec bid reportReuters - Tuesday, June 9 China ready to help finance Philippine projectsAP - Tuesday, June 9 Related Articles: Business More oil, gas fields must be developed: Petronas CEOAFP - Tuesday, June 9 European shares lower; banks, commodities weighReuters - Tuesday, June 9 RPT-Bahrain sets guidance on 5-year dollar sukuk-leadReuters - Tuesday, June 9 JP Morgan ups Q4 '09 US oil price forecast to $65Reuters - Tuesday, June 9 Areva T&D says wins 3.5-bln-rupee ordersReuters - Tuesday, June 9 Enlarge Photo China Eastern, Shanghai Airlines told to merge: report 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! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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