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Tuesday, July 17, 2018

HNA Wants to Make Gategroup Undisputed Market Leader

Maritime Activity Reports, Inc.

April 11, 2016

Chinese aviation and shipping conglomerate HNA Group wants to make Gategroup into the "undisputed leader in airline catering" after making an offer for the Swiss business, HNA's chief executive said on Monday.
HNA's 53 Swiss franc per share cash offer was unanimously supported by the Swiss caterer's board.
While a rival bid was still possible, Gategroup Chairman Andreas Schmid said on a media conference call, the company was not actively seeking other offers.
HNA Chief Executive Adam Tan did not respond directly when asked whether the Chinese conglomerate would be willing to up its bid if another suitor made a bid. "We've already made a very attractive offer to the shareholders," Tan said.
(Reporting by Paul Arnold, Writing by Brenna Hughes Neghaiwi)
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