Caixin
BUSINESS & TECH

Vanke Hostile Takeover Bid Edges Toward Resolution

By Lin Jinbing and Yang Ge
The Vanke company logo is pictured at a residential compound in Jinan, Shangdong province, in February. China Evergrande Group reportedly will sell its stake in Vanke. The conglomerate China Resources announced on Thursday it will sell its own stake in the real estate developer. Photo:Visual China
The Vanke company logo is pictured at a residential compound in Jinan, Shangdong province, in February. China Evergrande Group reportedly will sell its stake in Vanke. The conglomerate China Resources announced on Thursday it will sell its own stake in the real estate developer. Photo:Visual China

(Beijing) — A hostile takeover bid that has riveted China for more than a year could be moving closer to resolution, as two major players signaled their intent to withdraw from the contest under probable government pressure.

The battle for control of real estate developer China Vanke Co. took an unexpected turn on Thursday when one of its major stakeholders, conglomerate China Resources, said it will sell its shares. The buyer was the subway authority in Vanke’s hometown of Shenzhen, which had mounted a previous white-knight bid to rescue Vanke from hostile suitor Baoneng Group.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.