China’s HNA is to list a 65 per stake in Gategroup, the Swiss airline catering company it acquired less than two years ago, in the latest move by the acquisitive conglomerate strengthen its finances.
Gategroup announced on Tuesday that an initial public offering was planned for around the end of this month, subject to approval by the Swiss stock exchange, which would also raise SFr350m to fund the catering company’s expansion.
HNA’s acquisition of Gategroup ran into controversy last year November when Switzerland’s takeover watchdog ruled that the Chinese group had provided “untrue or incomplete” information regarding its ownership when it acquired Gategroup for SFr1.4bn.
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