MADRID May 23 HNA Group, parent company of
Chinese airline Hainan Airlines, is in talks with
Intesa Sanpaolo about buying some of the Italian bank's
stake in Spanish hotels group NH Hoteles, it said on
Intesa currently owns 4.5 percent of NH but will increase
its stake to 16.5 percent after exchanging its 44.5 percent
stake in NH Italy for more shares in NH Hoteles. The Spanish
company's shareholders are due to vote on the share issue on
HNA is NH's main shareholder with 24 percent of its shares
but would see its stake diluted by the share issue to Intesa.
In a notice to Spain's market regulator, the Chinese group
said any deal reached with Intesa would not take its stake in NH
above 29.9 percent - a level above which would necessitate it
making a full takeover bid under Spanish law.
HNA said in the statement the move was not part of any
shareholder pact with the Italian lender and that it has no
intention of making a full takeover offer for the hotel group.
(Reporting by Julien Toyer; Editing by Greg Mahlich)