HNA-Caissa Travel Group abandons plans to acquire Beijing Capital Airlines

HNA-Caissa Travel Group announced (09-May-2016) it has abandoned plans to acquire Beijing Capital Airlines after it failed to gain the required regulatory approvals on time. The tourism and catering company also plans to raise CNY8 billion (USD1.2 billion) through a private share sale, with the funds to be used to fund four projects including its international travel packages services. The company's controlling shareholder HNA Tourism Group and as many as nine other investors will purchase the shares. [more - original PR - Chinese]