Switzerland’s takeover body has demanded that HNA clarify its ownership structure because of apparent changes to the acquisitive Chinese conglomerate’s shareholder base after its SFr1.4bn buyout of air services company Gategroup.
The ownership of HNA has been shrouded in mystery since the company emerged as one of China’s top acquirers of overseas assets in recent years. During that time HNA has spent more than $40bn on cross-border deals and has come under considerable scrutiny.
The questions on the Gategroup deal follow concerns raised by European regulators about HNA’s purchase of a 9.9 per cent stake in Deutsche Bank, Germany’s largest lender.