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HNA Plans to Keep Deutsche Bank Stake at 8.8% After Cuts

  • Struggling Chinese conglomerate used to own 9.9% in lender
  • Group took out new collar options, more financing from UBS
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HNA Intends to Hold Deutsche Bank Stake at 8.8%

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HNA Group Co., the troubled Chinese conglomerate, said it won’t cut its stake in Deutsche Bank AG further after reducing the holding in the past two weeks.

The company managing HNA’s stake, C-Quadrat, lowered its holding to about 8.8 percent from 9.9 percent at the beginning of February and intends to leave it that level, a spokesman said in an emailed statement Friday. The company has also renegotiated its financing structure and may make further filings related to Deutsche Bank as its voting rights may shift between directly-held ones and those attached to financial derivatives.