Stake buy expands presence
Source: Bloomberg News |
October 24, 2012, Wednesday
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Print Edition
Print Edition
HNA Group Co, parent of China's Hainan Airlines Co, has acquired a 48 percent stake in France's Aigle Azur Transports Aeriens SAS, according to an e-mailed statement yesterday.
The purchase makes HNA Group Aigle Azur's second-biggest shareholder and gives the Chinese company the right to appoint two of the five-member executive committee that governs the French airline, the statement said, which didn't give a price paid for the stake. HNA Group can also appoint a vice president and a deputy chief financial officer.
HNA Group, which had US$15.4 billion of revenue last year, has sought to expand beyond the Chinese market with investments in Turkey and Hong Kong.
The purchase makes HNA Group Aigle Azur's second-biggest shareholder and gives the Chinese company the right to appoint two of the five-member executive committee that governs the French airline, the statement said, which didn't give a price paid for the stake. HNA Group can also appoint a vice president and a deputy chief financial officer.
HNA Group, which had US$15.4 billion of revenue last year, has sought to expand beyond the Chinese market with investments in Turkey and Hong Kong.
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