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4-Traders Homepage  >  Equities  >  Xetra  >  Deutsche Bank    DBK   DE0005140008

DEUTSCHE BANK (DBK)
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HNA's gains Austrian nod for C-Quadrat takeover in respite from setbacks

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12/22/2017 | 05:00am CEST
FILE PHOTO: Illustration photo of the HNA logo

SHANGHAI (Reuters) - HNA Group's plan to take a majority stake in Vienna-based C-Quadrat Investment AG has gained approval from Austrian regulators, a rare recent win for the acquisitive Chinese conglomerate amid rising global pushback on its deals.

HNA [HNAIRC.UL], which has announced acquisitions worth more than $50 billion in the past two years, has faced growing questions about its governance and ownership structure. Just this week, New Zealand blocked HNA's $460 million purchase of a finance unit.

C-Quadrat, worth some 226.9 million euros ($270 million) by market value, is the company through which HNA holds its near 10 percent stake in Germany's Deutsche Bank AG (>> Deutsche Bank).

The investment manager said in a filing late on Thursday that it had been informed that Austria's Financial Market Authority had "no objections" to the deal.

The deal, which still needs approval from the Central Bank of Armenia, would see HNA own 74.8 percent of a third company Cubic, which in turn will hold more than 98 percent of C-Quadrat, the Austrian firm said. HNA currently owns a smaller minority stake in C-Quadrat.

HNA said in an emailed statement to Reuters that it had fully cooperated with the Austrian regulator in its review was very pleased by its decision to approve the deal.

In New Zealand, the Overseas Investment Office cited lack of clarity over HNA's ownership structure for the rejection of its plan to buy a vehicle finance firm owned by Australia and New Zealand Banking Group (>> Australia and New Zealand Banking Group).

In other setbacks, Swiss regulators last month found the group had failed to disclose that company executives held controlling stakes in the conglomerate in submissions relating to HNA's $1.5 billion takeover in 2016 of Gategroup, the airline catering group.

Earlier this month HNA was sued by Ness Technologies who accused it of failing to adequately answer questions in a U.S. review, thereby causing a $325 million deal between the two to fail. HNA said the lawsuit was "baseless".

HNA has also been facing questions over its finances.

Last week, China Citic Bank Corp (>> China CITIC Bank Corporation Limited) <0998.HK> said HNA was "experiencing temporary liquidity difficulties", including difficulty repaying a commercial acceptance bill pledged by Hainan Airlines Holding Co (>> Hainan Airlines Holding Co Ltd), the conglomerate's flagship carrier.

HNA said in its response its cooperation with Citic Bank was "fully normal" and denied the group was facing any temporary liquidity difficulties or that there were any repayment delays.

(Reporting by Adam Jourdan; Additional reporting by Julie Zhu in Hong Kong; Editing by Edwina Gibbs)

By Adam Jourdan

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP 0.04% 26.72 End-of-day quote.-7.03%
CHINA CITIC BANK CORPORATION LIMITED -0.31% 6.38 End-of-day quote.2.90%
HAINAN AIRLINES HOLDING CO LTD 0.00% 3.25 End-of-day quote.1.88%
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Financials (€)
Sales 2018 27 478 M
EBIT 2018 2 906 M
Net income 2018 1 574 M
Debt 2018 -
Yield 2018 2,25%
P/E ratio 2018 18,50
P/E ratio 2019 9,57
Capi. / Sales 2018 0,87x
Capi. / Sales 2019 0,85x
Capitalization 23 921 M
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Mean consensus HOLD
Number of Analysts 29
Average target price 12,6 €
Spread / Average Target 8,7%
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Managers
NameTitle
Christian Sewing Chief Executive Officer
Marcus Schenck Co-President & Co-Head-Investment Bank
Paul Achleitner Chairman-Supervisory Board
Kimberly L. Hammonds Chief Operations Officer
James von Moltke Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
DEUTSCHE BANK-27.09%29 390
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