China's Ministry of Commerce has approved a proposal by HNA Group's financial service subsidy, HNA Innovation Finance Group, to purchase part of Switzerland-based commodity dealer Glencore International AG's assets, according to a statement on the ministry's website on Monday.
HNA Group can now proceed with its 771 million U.S. dollars deal, which was reached in March, news website hexun.com reported. The Swiss company at that time agreed to sell a 51-percent stake in its fossil-fuel reserves and delivery business to HNA Innovation Finance Group.
Following the deal, HNA's business in the global energy sector will expand, said the report.
(Source: Global Times)
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