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HNA Group seeks to invest in Malev and Hochtief

20-Jul-2011 10:27 AM

HNA Group brand centre manager Wu Feng stated the company is seeking to become the first Chinese airline to invest in the European aviation sector by bidding for Malev Hungarian Airlines and Hochtief Airport Ltd Co (China Daily, 19-Jul-2011). He stated that at present, the impetus for the Malev investment is coming from HNA Group. He added that there has been no specific proposals yet involving the price or method of investment in Malev. Mr Wu said the Chinese and Hungarian governments have indicated support for the agreement although HNA still needs to hold further talks with Malev. HNA Group chairman Chen Feng also stated HNA is bidding for Hochtief Airport, which owns stakes in six international airports in Athens, Dusseldof, Hamburg, Tirana, Sydney and Budapest. HNA is reportedly competing with four other companies for Hochtief Airport, with bids reportedly expected to be in the USD1.14 billion to USD1.28 billion range.