HNA takes stake in Deutsche Bank

Chinese conglomerate HNA Group holds a 3.04% stake in Deutsche Bank AG through a European asset manager, according to securities filings. HNA Group holds the stake through C-Quadrat Asset Management, the UK subsidiary of C-Quadrat Investment AG, founded by Austrian investor Alexander Schutz, according to The Wall Street Journal.  A Frankfurt-based spokesman for the investors said Friday that HNA purchased the shares through a special-purpose vehicle managed by C-Quadrat. It wasn’t clear how much HNA Group paid for its stake, which crossed the 3% threshold this week, triggering public disclosure. The buyer’s spokesman, Thomas Katzensteiner, wouldn’t comment on when the shares were purchased or at what price. At Friday’s price, the 41 million-share stake was worth about Euro 755 million ($805 million). C-Quadrat holds the voting rights for HNA in its Deutsche Bank stake.