HNA In Talks Over Spanish Hotel Group Stake
HNA Group, parent company of Chinese airline Hainan Airlines, is in talks with Intesa Sanpaolo about buying some of the Italian bank's stake in Spanish hotels group NH Hoteles.
Intesa currently owns 4.5 percent of NH but will increase its stake to 16.5 percent after exchanging its 44.5 percent stake in NH Italy for more shares in NH Hoteles. The Spanish company's shareholders are due to vote on the share issue on June 26.
HNA is NH's main shareholder with 24 percent of its shares but would see its stake diluted by the share issue to Intesa.
In a notice to Spain's market regulator, the Chinese group said any deal reached with Intesa would not take its stake in NH above 29.9 percent - a level above which would necessitate it making a full takeover bid under Spanish law.
HNA said in the statement the move was not part of any shareholder pact with the Italian lender and that it has no intention of making a full takeover offer for the hotel group.