The Austrian Financial Market Authority said it had no objections to the proposed acquisition of 74.8% of the shares in C-Quadrat Investment AG and its supervised Austrian subsidiaries by HNA Group (International) Asset Management Co. Ltd., a unit of China's HNA Group Co. Ltd.
The FMA's approval does not include the contribution of C-Quadrat shares to Cubic (London) Ltd. by HNA and C-Quadrat's core shareholders. This step is subject of a separate procedure conducted by the regulator, the Austria-based firm noted.
Earlier in May, Cubic (London), which is is 74.8% controlled by HNA Group (International) Asset Management, concluded share purchase agreements with C-Quadrat's core shareholders to acquire their stakes in the company, bringing its stake to over 98%.
The transaction remains subject to clearance by both the Central Bank of the Republic of Armenia and the FMA.