Chinese authorities clear a path for HNA takeover of gategroup

by swisscham in BUSINESS NEWS

ChinaÕs National Development and Reform Commission (NDRC) has granted its formal approval for the takeover transaction of gategroup by HNA Aviation (Hong Kong) Air Catering Holding Co. As reported, HNA Group announced on 11 April that it would launch an all cash tender offer for publicly held registered shares of gategroup at CHF 53 per share (USD 54.43 at todayÕs exchange rates). A public prospectus was duly issued by HNA Aviation (Hong Kong) Air Catering Holding Co on 20 May. On a fully diluted basis, the offer price valued Swiss aviation and travel services giant gategroup at approximately CHF 1.4 billion (USD 1.44 billion). The NDRC approval has paved the way for the dealÕs subsequent clearance by the Ministry of Commerce and the State Administration of Foreign Exchange, which is expected to be forthcoming, gategroup said in a statement this morning.

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