Switzerland’s takeover watchdog said that Chinese conglomerate HNA provided “untrue or incomplete” information regarding its ownership when it acquired air services company Gategroup for SFr1.4bn last year.
HNA has spent more than $40bn on overseas acquisitions during the past three years but the true ownership of the company is still shrouded in mystery.
In recent months, regulators in China have also raised concerns over the level of leverage accrued by HNA and other aggressive corporate acquirers.
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