HNA to add another $775mn acquisition

Chinese conglomerate HNA Group plans to purchase a 51% stake in the oil products storage and logistics business of Glencore, the world’s largest commodities trading house. The acquisition, which will cost $775 million and is being undertaken by HNA subsidiary HNA Innovation Finance Group, is expected to be completed in the second half of the year, Glencore said on its website on Friday. So far this year, HNA has announced at least 14 deals, including the purchase of a 3% holding in Deutsche Bank for an undisclosed price, the $474 million acquisition of New Zealand asset finance firm UDC Finance, and plans to take a stake in US hedge fund SkyBridge Capital. Last year alone, the group announced or completed more than $35 billion of deals, according to Caixin calculations.