(Bloomberg) -- Chinese conglomerate HNA Group Co. failed to obtain the minimum number of shares needed to complete its 1.4 billion-franc ($1.4 billion) bid for Gategroup Holding AG, the world’s second-biggest airline-catering company.
Shareholders tendered 61.3 percent of the Swiss company’s shares in the initial acceptance period, which ended July 1, HNA said Monday in a statement. HNA said in April the deal was conditional on getting 67 percent.
The tally was preliminary and the final count will be published Thursday, the company said. The Swiss company’s directors unanimously supported the offer, according to the HNA statement in April.
Inflight caterers are struggling with a tougher operating environment as consolidation in Europe and the U.S. boosts carriers’ bargaining power, and a switch to low-cost flights means fewer passengers take meals.
Gategroup had a loss of 63.4 million francs on sales of 3 billion francs last year, when the company said it would cut 300 jobs in locations such as Zurich and London.
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