EU to decide on Radisson hotels sale to Jin Jiang in November, European Commission says
HNA Group will soon find out if its sale of the Radisson hotel chain will be approved after European authorities said they would decide on the case by 6 November.
The cash-strapped company, which has offloaded $17bn (£13bn) so far this year to lower debt, agreed to sell its hotel chain to a consortium led by Jin Jiang International Holdings in August.
The buyers will acquire 51.15 per cent of the outstanding shares in Stockholm-listed Radisson Hospitality, for around 3bn Swedish krona (£259m).
They will buy a further 18.5 per cent stake which HNA had transferred to a lender as security.
Swedish rules mean the consortium must then launch a mandatory public tender offer for the remaining shares in Radisson.
The paperwork was filed with the European Commission on Friday, and a provisional deadline has been set for November.