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source from : FT
https://www.ft.com/content/5e214a3c-2fb9-11e7-9555-23ef563ecf9a
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HNA raises stake in Deutsche Bank to nearly 10%
Chinese conglomerate becomes biggest shareholder in German lender
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HNA Group has raised its stake in Deutsche Bank to almost 10 per cent, making the Chinese conglomerate the top shareholder in Germany’s largest lender.
A filing made on Tuesday by entities including C-Quadrat — an asset manager through which HNA had already purchased a 4.76 per cent stake in Deutsche — showed the Chinese group had now acquired an aggregate 204.7m of 2.06bn shares outstanding in the German bank.
The purchase took HNA’s stake to 9.92 per cent, leapfrogging BlackRock’s 5.88 per cent holding to make it the top shareholder in the German bank.
The Chinese conglomerate began life in 1989 as a regional airline but has in recent years transformed itself into a sprawling holding company, with a reputation as China’s most omnipresent overseas acquirer.
HNA ranked top among Chinese outbound investors so far this year, sealing $5.5bn in deals or about 13 per cent of Chinese overseas transactions by value before the latest Deutsche Bank purchase, according to data from Dealogic. Last year, it ranked second with 12 per cent, including purchases made through entities that it controls.
The Chinese conglomerate, which has stakes in airlines, hotels, banks and logistics companies, said upon taking an initial stake in February that it was a passive investor in response to concerns from investors that HNA would seek to take a strategic role in the lender.
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