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Deutsche Bank's top investor, a Chinese conglomerate, told to dump its stake
From Bloomberg News
Thursday, September 7, 2018
Deutsche Bank AG's top investor, China's HNA Group Co., plans to exit its entire stake in Germany's largest lender as it reverses a debt-fueled acquisition spree, according to people briefed on the matter.
The cash-strapped conglomerate, which most recently still held almost 8 percent of the voting rights, is selling the investment after China demanded that it focus on its airline business, said the people, asking not to be identified in discussing non-public information. It's not clear how HNA would sell the stake, which it controls through a series of complex derivatives.
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Officials for HNA and Deutsche Bank declined to comment. The Wall Street Journal reported earlier today that the Chinese government had told HNA to exit the stake, citing unidentified people familiar with the matter. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-09-07/deutsche-bank-top-hol...
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