Swiss-based trading and mining giant Glencore Plc has partly completed the sale of a 51 percent stake in its storage and logistics businesses to a unit of China's HNA Group, although transfer of some assets is pending US clearance.
Glencore in March agreed to sell the stake in HG Storage International Ltd, a vehicle that carries its petroleum products storage and logistics portfolio, to HNA Innovation Finance Group Co for $775 million.
The commodities trader said on Friday that $579 million of the deal had closed. It added that three assets located in the United States would be transferred to HNA in 2018 upon receiving clearance from the Committee on Foreign Investment in the United States (CFIUS), which reviews national security implications of foreign investments in US firms or operations.
In a two-year acquisition spree, privately owned HNA has signed $50 billion worth of deals, buying stakes in logistics firms, hotels such as Hilton and even Deutsche Bank. This has prompted US and European authorities to closely examine the Chinese firm's ownership.
CIFUS has not yet given its approval to a number of other major deals by HNA.
HNA said, in a separate statement, that the companies had completed the deal and would operate HG Storage International Ltd's portfolio in Europe, Africa and the Americas as a joint venture. It did not mention any pending US approval for the transfer of three US assets. A spokeswoman for HNA did not have an immediate comment on CFIUS approval. Glencore declined to comment further. CFIUS declined to comment.
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