Two HNA deals hit hurdles as China tightens scrutiny
HNA's planned acquisitions of London-based International Currency Exchange for about 200 million pounds and a mandatory tender offer to buy a large stake in a Swedish hotel group hit hurdles.
At least two of HNA Group's overseas deals have hit a hurdle as the Chinese conglomerate struggles to take money out of China, said four people familiar with the process, amid a widening crackdown by Beijing on debt-fueled corporate acquisitions.
The two HNA deals hit by the crackdown on transferring money outside China are its announced acquisition of the London-based International Currency Exchange (ICE) for about 200 million pounds ($264.36 million) and a mandatory tender offer to buy a large stake in a Swedish hotel group, the people said.
China started gradually tightening capital outflows in the second half of last year, slowing the hectic pace of dealmaking by domestic companies looking to scoop up overseas assets ranging from movie studios to football clubs.
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