German watchdog drops inquiry into HNA, Qatar over Deutsche Bank: source
Reuters
Published Nov 17, 2017 02:29PM ET
German watchdog drops inquiry into HNA, Qatar over Deutsche Bank: source
FRANKFURT (Reuters) - Germany's financial watchdog will take no action after ending an investigation into whether China's HNA and Qatar's royal family were working together on their investments in Deutsche Bank (DE:DBKGn), a person familiar with the matter said.
BaFin had been looking into whether the two largest investors in Germany's largest bank, which each own stakes of just under 10 percent, were "acting in concert", which would have violated securities laws, the source told Reuters on condition of anonymity.
HNA, which has been on a global acquisition spree in past years, began building its Deutsche stake this year in multiple steps, saying the bank's shares were "substantially undervalued and are an attractive investment", according to an SEC filing.
Qatar's royal family built up its stake first in 2014 during a capital increase.
Both Qatar and HNA have been granted a seat on the Deutsche Bank board.
Deutsche Bank and HNA declined to comment, while representatives for Qatar were not immediately available to comment on the development, which was earlier reported by Bloomberg News.
This week Cerberus, the U.S. buyout fund, emerged as Deutsche Bank's fourth largest shareholder behind HNA, Qatar and money manager BlackRock (N:BLK), with a 3 percent stake.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.