Chinese conglomerate HNA’s efforts to strengthen its finances have been dealt a blow with the collapse of plans to raise up to SFr1.3bn ($1.37bn) by listing Gategroup, the Swiss airline catering business it acquired less than two years ago.
HNA planned to float up to 65 per cent of Gategroup on the Swiss stock exchange today, but just hours before trading was due to start, the listing was abandoned after potential investors apparently baulked at the proposed terms.
The failure of the initial public offering highlighted wariness about taking stakes in companies alongside HNA, although bankers close to the deal said it also flopped because of the price.
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