HNA Cuts Deutsche Bank Stake as Chinese Group Plans Exit

Deutsche Bank AG’s top investor, HNA Group Co., continued to reduce its stake in the German lender as the debt-laden Chinese conglomerate prepares to exit one of its most high-profile purchases.

HNA’s C-Quadrat unit exercised options to sell 26.8 million Deutsche Bank shares for 363.4 million euros ($410 million), reducing its ownership to 6.3 percent, according to a filing with the Securities and Exchange Commission. The shares were sold at prices ranging from 11.45 euros to 16.70 euros apiece, far above current market prices, because the Chinese group had hedged its investment in Deutsche Bank with put options. Deutsche Bank shares closed at 7.752 euros in Frankfurt on Friday.