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Australia & New Zealand Banking Group Announces UDC Sale to HNA Not Proceeding

12 Jan 2018  |  12:50:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: UDC sale to HNA not proceeding

Australia & New Zealand Banking Group announced that the agreement to sell UDC Finance to HNA Group will not proceed as the agreement with HNA has been terminated in accordance with the contracted timeframe. This follows the 21 December 2017 announcement that New Zealand's Overseas Investment Office had declined HNA Group's application to acquire UDC Finance. The termination of the agreement with HNA, and the Group will continue to assess its strategic options regarding the future of UDC, although there is no immediate requirement to do anything.

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