HNA acquires part of Glencore’s assets

Updated 2017-10-10 09:31:53 Global Times

China's Ministry of Commerce has approved a proposal by HNA Group's financial service subsidy, HNA Innovation Finance Group, to purchase part of Switzerland-based commodity dealer Glencore International AG's assets, according to a statement on the ministry's website on Monday.

HNA Group can now proceed with its 1 million deal, which was reached in March, news website hexun.com reported. The Swiss company at that time agreed to sell a 51-percent stake in its fossil-fuel reserves and delivery business to HNA Innovation Finance Group.

Following the deal, HNA's business in the global energy sector will expand, said the report.

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