HNA Group Co. Ltd. said on Monday it sold 541,931 shares of Spain’s NH Hotels to avoid launching a mandatory takeover bid per a European Union directive.
After the sale, HNA holds via Tangla Spain 102.8 million shares of NH Hotels, representing 29.34% of capital and 29.98% of voting rights in NH Hotels.
The mandatory takeover requirement is for any shareholder with 30% or more stake in the company.