While China Eastern Airlines is on the verge of selling a 25 percent stake to Singapore Airlines, Shanghai Airlines appears to be interested fi nding its own foreign investor, ATWOnline reported.

ANA president and CEO, Mineo Yamamoto said last month that the Japanese carrier is considering a crossshareholding arrangement with its future Star Alliance partner.

Yamamoto said an arrangement with Shanghai Airlines would be similar to the agreement reached with Asiana Airlines in June, under which each carrier took a $12 million stake in the other. Shanghai Airlines secretary of the board, Xu Junmin said the carrier has yet to receive the proposal from ANA while noting that it does have “cooperative relations with ANA on codeshare.”

Meanwhile, Air China (CA) also has contacted Shanghai Airlines about increasing cooperation. With principal hubs in Beijing and Chengdu, CA has sought greater penetration in the Shanghai market. Shanghai Airlines president Zhou Chi has insisted that his carrier should “go its own way” despite the interest from potential suitors. CA will join Shanghai and ANA in the Star Alliance by year end.