New Zealand’s Overseas Investment Office has blocked HNA Group from taking over a New Zealand finance company, the latest setback to befall the acquisitive Chinese conglomerate.
The office said on Thursday it declined HNA’s proposed NZ$660m ($460m) takeover of UDC Finance, a unit of ANZ Bank, because it could not verify who controlled the airlines-to-finance group, which is based in southern China.
“The information provided about ownership and control interests was not sufficient or adequate for the OIO to determine who the relevant overseas persons are for [HNA’s] application to acquire UDC,” said Lisa Barrett, the office’s deputy chief executive for policy and overseas investment.
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