HNA Secures 96% of Swiss Gategroup

by swisscham in Hospitality, Retail, Tourism

HNA Group, China’s fourth-biggest airline, announced on Wednesday it had secured acceptances for 96.1% of the shares in its bid for Gategroup Holding AG, the Switzerland-based in-flight catering provider. Gategroup said in a statement that payment for the shares was expected to be made towards the end of the third quarter or beginning of the fourth quarter. After the settlement of the offer, HNA intends to submit an application for the delisting of the Gategroup shares and for an exemption from certain disclosure and publicity obligations in accordance with the listing rules of SIX Swiss Exchange, the principal stock exchange in Switzerland. Zurich-headquartered Gategroup is an independent provider of products, services and solutions relating to passenger’s onboard service. It specializes in catering and hospitality, provisioning and logistics, onboard products and services to companies that serve people on the move.

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