Aroundtheworld

HNA accused of wrongdoing in Swiss deal

Chinese conglomerate HNA Group has been accused of providing “untrue or incomplete” information during the takeover of Gategroup by the Swiss Takeover Board, according to Reuters on Sunday.

The accusation involved the ownership structure of HNA Group, which said in May 2016 that two of its shareholders – Bharat Bhise and Guan Juan – held stakes of 17.4 percent and 12.35 percent, respectively. The Swiss Takeover Board said they should be shown as 17.15 percent and 12.01 percent, respectively, according to Reuters.

HNA responded by saying it had given all necessary information regarding the deal and that the deal would not be affected, Reuters reported.

Nanjing Hicin to buy Italian company

Nanjing Hicin Pharmaceutical Co announced on Sunday that it has joined several other investors in a deal to purchase a 90 percent stake in Italian medical company Nerviano Medical Sciences Group, according to a company statement.

Nanjing Hicin and partners, including Shanghai-based V-Capital, have agreed to set up a fund of 600 million yuan ($90.93 million) for acquiring the stake, the company said in a statement to the Shenzhen Stock Exchange on Sunday night.

The statement said that Nanjing Hicin would invest 100 million yuan in the fund. Further details of the acquisition were not disclosed in the statement.

The announcement pushed Nanjing Hicin’s shares in Shenzhen 1.77 percent higher at the market close on Monday.