Vanke Drops $6.55 Billion Bid for Shenzhen Metro’s Property Unit

(Shenzhen) — China’s leading real estate developer, China Vanke Co., has terminated a planned 45.6 billion yuan ($6.55 billion) deal to acquire a unit of Shenzhen Metro Group, citing persistent disagreements among its major shareholders and fluctuations of Vanke’s share price.

Vanke earlier this year announced its plan to purchase Shenzhen Metro’s property unit by issuing it new shares. It hoped to make the state-owned subway operator Vanke’s largest shareholder with a 20.65% stake, which could help it fend off a possible hostile takeover by Baoneng Group.