China’s HNA says its will sell $10 billion stake in Deutsche Bank

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via Marketwatch:

One of China’s largest conglomerates intends to completely exit its stake in Deutsche Bank AG and unload the vast majority of overseas investments it made in recent years, according to people familiar with the matter, a significant comedown for a once-highflying company.

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HNA Group Co. 000616, +2.32%  , an owner of airlines and hotels that amassed more than $40 billion worth of businesses and stakes in companies in an aggressive global acquisition spree from 2015 to 2017, is dismantling its overseas empire to shrink its balance sheet under renewed pressure from Chinese regulators and its creditors, according to people familiar with the matter.

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