Previously announced major Chinese purchase of the Stockholm Stock Exchange-listed hotel chain completed – thus creating a mandatory bid if the shares are not sold within four weeks.

A consortium led by state-owned Chinese hotel operator Jin Jiang has now completed the acquisition of 50.21 percent of Radisson Hospitality at a price of SEK 35 per share, according to a press release.

The shares have been purchased by debt-laden Chinese conglomerate HNA and the deal was announced on August 10 this year, when the impending mandatory bid was also mentioned: the consortium's jointly controlled company Aplite Holdings is now required to either submit a public takeover bid for the remaining shares in Radisson or sell off its holding below 30 percent within four weeks of the acquisition.

That means no later than December 11th.

Radisson Hospitality is currently trading at SEK 34.75 on the Stockholm Stock Exchange, just after 10 a.m. on Tuesday.

Source:finwire-di