China’s HNA Group has launched a SFr1.4bn ($1.5bn) takeover bid for Switzerland’s Gategroup air-services company, the acquisitive conglomerate’s second big purchase in the country in less than a year.

Extending this year’s wave of overseas acquisitions by Chinese companies, HNA yesterday announced an all-cash offer for the Zurich-based catering and hospitality group that was previously part of the Swissair national airline.

However, the offer was rejected as insufficient by activist shareholders owning 11.3 per cent of Gategroup shares. Jonathan Herbert, chief investment officer at Cologny Advisors in London, which is acting with Switzerland-based RBR Capital Advisors, said extensive restructuring was needed at Gategroup to boost profit margins. He claimed the Chinese takeover was “a way to blunt our efforts,” and predicted rival bidders would emerge.