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HNA Group unit clears another hurdle to take over Austria's C-Quadrat

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.