LONDON (ShareCast) - (ShareCast News) - Despite new guidelines issued on Friday by the Chinese cabinet to regulate overseas investment in certain sectors, Hainan based conglomerate HNA Group announced it had completed the acquisition of a 16.2% stake in airport retailer Dufry AG on Monday.
While the value of the deal had not been made public, the stake was estimated to be worth approximately $1.4bn, due to the Swiss airport retailer's current market capitalisation of $8.5bn.

Monday's transaction lifted HNA's total stake in the group to 20.92%, making it the biggest shareholder of Dufry.

"As HNA Group is operating in several tourism- and travel-related sectors, Dufry and HNA have started to assess possible areas of collaboration with the main goal to access and to increase the share of wallet of domestic and international Chinese travelers," Dufry said in a statement.

In June, China's state planner moved to limit "irrational" overseas in investments as Beijing sought to reduce the flow of capital out of the country, causing significant roadblocks to two of HNA's international merger and acquisition deals.

Additionally, HNA announced it intended to hold a general meeting in September to seek approval for the purchase of Singaporean logistics firm CWT.

According to Reuters, the transaction value of the deal would be in the vicinity of $1bn.

CWT shares jumped 5.63% after the announcement to SGD 2.25, whereas those of Dufry remained relatively flat, up 0.72% to CHF 153.20p as of 0905 BST.

Investors in Dufry's UK-listed sector peers were similarly unimpressed, with stock in SSP Group up 0.47% at 534p and that in WH Smith drifting 0.05% lower to 1,821p.

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