Vanke Hostile Takeover Bid Edges Toward Resolution
(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.
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