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EU approves Chinese HNA's acquisition of Swiss SR Technics

Xinhua, October 25, 2016 Adjust font size:

The European Union (EU) regulators have greenlighted the acquisition of Swiss aircraft solutions provider SR Technics by Chinese conglomerate HNA Group, the EU said on Tuesday.

The European Commission, the bloc's executive body, in a statement said that the proposed acquisition "would raise no competition concerns, because there are only limited overlaps between the companies' activities."

HNA Group, founded in 1993, is a Chinese conglomerate encompassing core divisions of aviation, holdings, capital, tourism and logistics.

SR Technics is a technical aircraft solutions provider, offering maintenance, repair and overhaul services for commercial aircraft.

In September, the Commission approved HNA's acquisition of Swiss Gategroup, which provides catering services and retail on-board aircrafts and other related ancillary activities such as on-board service equipment and supply chain and logistics solutions or management of airport lounges. Endit