China's Ministry of Commerce has approved a proposal by HNA Group's financial service subsidy, HNA Innovation Finance Group, to purchase part of Switzerland-based commodity dealer Glencore International AG's assets, according to a statement on the ministry's website on Monday.
HNA Group can now proceed with its $771 million deal, which was reached in March, news website hexun.com reported. The Swiss company at that time agreed to sell a 51-percent stake in its fossil-fuel reserves and delivery business to HNA Innovation Finance Group.
Following the deal, HNA's business in the global energy sector will expand, said the report.
