A unit of Chinese conglomerate HNA Group (海航集團) has agreed to buy Carlson Hotels Inc, which owns brands including Radisson and Country Inns and Suites, the latest in a flurry of overseas investments by Chinese companies.
HNA Tourism Group (海航旅遊集團) is to acquire all of Carlson Hotels, the companies said in a joint statement released late on Wednesday that did not disclose the purchase price.
They said that Carlson’s headquarters would remain in Minnetonka, Minnesota, after the deal is completed.
HNA Tourism chairman Bai Haibo (白海波) said buying Carlson Hotels would help the Chinese company “establish our presence in the US market and expand our footprint in hospitality internationally.”
Bai said that HNA would “accelerate growth by investing substantially in the business.”
The purchase is the latest in a string of global transactions by Chinese companies as they diversify abroad to counter slowing growth at home while also scooping up foreign expertise and technology.
Other deals this year include Haier Group’s deal to acquire the home-appliance business of General Electric Co, conglomerate Wanda Group Co’s (萬達集團) purchase of Hollywood studio Legendary Entertainment, and state-owned China National Chemical Corp’s (中國化工) mammoth US$43 billion bid for Swiss pesticide maker Syngenta AG. It also comes weeks after China’s Anbang Insurance Group Co (安邦保險集團) was thwarted by Marriott International Inc in its attempt to acquire Starwood Hotels & Resorts Worldwide Inc.
As part of the Carlson Hotels deal, HNA is also to acquire a 51.3 percent stake in Brussels-based Rezidor Hotel Group AB, which operates Carlson hotels in Europe, Africa and the Middle East.
According to Swedish takeover rules, HNA is required to either buy the remaining shares of Rezidor it does not own or sell its stake down to 30 percent.
Carlson has 1,400 hotels in 115 countries and territories and employs about 90,000 staff worldwide.
HNA Group, based in Hainan Province, operates hotels, airlines, airports, financial services and real-estate businesses.
The deal is subject to regulatory approvals and is expected to be completed in the second half of this year.
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
Taiwan will prioritize the development of silicon photonics by taking advantage of its strength in the semiconductor industry to build another shield to protect the local economy, National Development Council (NDC) Minister Paul Liu (劉鏡清) said yesterday. Speaking at a meeting of the legislature’s Economics Committee, Liu said Taiwan already has the artificial intelligence (AI) industry as a shield, after the semiconductor industry, to safeguard the country, and is looking at new unique fields to build more economic shields. While Taiwan will further strengthen its existing shields, over the longer term, the country is determined to focus on such potential segments as
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
RSS