The Swiss Takeover Board has asked China’s HNA Group to clarify its ownership structure by early next month given apparent changes since its USD 1.5 billion takeover last year of Swiss aviation services company Gategroup.
Privately owned HNA, one of China’s most aggressive dealmakers, in July shook up its shareholding structure with a new, charitable foundation, part of efforts to quash long-standing concerns over its ownership.
As China cracks down on showy overseas ventures and high-profile empire builders, pressure has risen on sprawling, fast-growing and acquisitive companies like HNA, which had announced USD 50 billion of deals over two years, buying stakes in logistics companies, hotels and even Deutsche Bank (DBKGn.DE).
In a notification to HNA and Gategroup, the Swiss Takeover Board pointed out that shareholdings listed in HNA’s prospectus for the Gategroup acquisition differed from recent statements by the group’s top leadership.
Citing a story by the Financial Times, the board asked HNA to clarify details of share transactions in the group.
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