HNA Group cuts price for NH Hoteles stake to 5.35 euros per share
HNA Group, parent of China's Hainan Airlines, has changed the conditions of its purchase of a stake in Spain's NH Hoteles , cutting the share price of a capital increase to 5.35 euros per share from an original 7 euros per share, the Spanish hotel group said on Monday.
The deal, which went through in May, is for the Chinese group to subscribe to a capital increase that would give it 20 percent of NH Hoteles.
Due to the drop in NH Hoteles share price in recent months, the investment in the Spanish group will be around 329.9 million euros ($457.1 million) instead of the previously announced injection of 431.6 million euros, NH said. ($1 = 0.721 Euros)
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