Spain: Chinese group looks to merge two Spanish heavyweights

Chinese conglomerate HNA Group has set its sights on buying Spanish construction heavyweight OHL, hoping to create a world-giant after possibly merging OHL with another company in this sector. The most likely candidate has been identified as Isolux, which was approached by the asian business group in June 2016.

OHL’s board have said that they “have not had any contact with HNA. Any buyer would go directly to our principal stockholder which is the Villar Mir Group”. Sources inside Isolux have admitted being in contact with the Chinese group last summer, although no new conversations have yet been established.

HNA has kept a defensive posture as it continues to weigh its strategies in these conversations with several Spanish businesses, which may explain why none of the numerous offers announced in the past months have come to fruition, including the alleged offer made late last year to purchase 40% of OHL from their parent group.

Full Content: El Confidencial

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.