-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business
HNA boosts Dufry stake
    2017-August-22  08:53    Shenzhen Daily

HNA Group has completed the acquisition of a 16.2 percent stake in Swiss airport retailer Dufry AG from Singaporean sovereign funds GIC and Temasek, Dufry and HNA said yesterday.

No value for the deal was given, but the stake would be worth about US$1.4 billion, given Dufry’s current market capitalization of US$8.5 billion. HNA’s total stake in the Swiss group will rise to 20.92 percent, the firms said.

HNA, one of China’s most acquisitive conglomerates with businesses spanning aviation to financial services, also said yesterday it is progressing its proposed US$1 billion purchase of Singapore-listed logistics firm CWT Ltd.

The moves come as China’s top economic planner said last week it will strengthen rules to defuse risks for domestic companies investing abroad, and curb “irrational” overseas investment in its Belt and Road initiative.

M&A transactions by Chinese companies in countries that are part of the Belt and Road initiative are soaring.

Regulators in June ordered a group of lenders to assess exposure to some of the more aggressive dealmakers, including HNA. At least two of HNA’s overseas deals have hit a hurdle as a result of the crackdown on transferring money outside China, sources said.

HNA said the Dufry shares purchase was in line with China’s Belt and Road policies, as Dufry’s businesses cover many countries and regions on the Belt and Road map. Dufry runs more than 2,200 duty-free and duty-paid shops across five continents.

Dufry said the two companies have started to look at possible areas of collaboration, with a view to getting more business from domestic and international Chinese travelers.

HNA said its acquisition of Dufry shares was funded entirely by offshore capital.(SD-Agencies)

 

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn