The Chinese group holds 7.6% of Deutsche Bank's stocks. The group is planning to sell these assets during the next 18 months, to reduce the accumulated debt.
Chinese group HNA, one of TAP’s shareholders, is planning to sell its 7.6% participation in Deutsche Bank over the course of 18 months, as they try to reduce its indebtedness.
The shares held by HNA in Deutsche Bank are valued at about €1.5bn, according to current market values. The Wall Street Journal (paid access) wrote that the group is planning to “unload the vast majority of overseas investments “, like DB and Swissport.
The expected sale of the shares by HNA will be worth the group a great relief over their high debt which amounts to 598 billion yuan (€77bn), at the company’s yearly financial report showed.
HNA sold its 25% stake in Hilton Worldwide, and it had previously reduced the weight it had in the German financial institution, which previously stood at 10%.
Regarding the Portuguese airline TAP, HNA holds 11.5% of Atlantic Gateway, one of TAP’s majority shareholders, having started its investment with 7% in July 2017.