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.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Swiss Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
October 9, 2020
Published By chinadaily.com.cn in Engineering / Manufacturing
October 6, 2020
Published By globenewswire.com in Engineering / Manufacturing
September 24, 2020
Published By schindler.com in Engineering / Manufacturing
September 14, 2020
Published By cgtn.com in Bilateral Relations
September 3, 2020
Published By s-ge.com in General Interest