Aroundtheworld

Denmark approves Geely deal

Denmark’s Financial Services Authority on Thursday approved Chinese carmaker Zhejiang Geely Holding Group’s offer to buy a majority stake in Denmark’s Saxo Bank, which develops and operates online trading platforms.

The planned deal, which highlights China’s drive to tap the expertise of European financial institutions, was announced in October.

“The remaining approvals are expected within the next month,” Saxo Bank said in a statement.

The carmaker, based in East China’s Zhejiang Province, raked in 92.76 billion yuan ($14.76 billion) in revenue in 2017, up 73 percent year-on-year, while its profit surged 108 percent to 10.63 billion yuan.

La Chapelle buys Naf Naf

French restructuring clothing retailer Vivarte said on Wednesday it had reached a deal to sell its ready-to-wear Naf Naf brand to a consortium led by Chinese fashion company La Chapelle & Co.

Buyers also include Star Platinum Capital, a private equity firm that operates mostly in China, and consultancy East Links International, the statement said.

La Chapelle & Co, which is making its first acquisition outside China, said in a separate statement the deal was worth 52 million euros ($64.4 million).

Vivarte, which faces competition from larger clothing retail chains such as H&M, is restructuring its business to improve its financial situation.