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Stake sale in Vanke sees end of tussle
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CHINA Resources Group, the second-largest shareholder of China Vanke Co, yesterday agreed to sell all its shares in the real estate developer to Shenzhen Metro Group for 37.17 billion yuan (US$5.4 billion), a major step to terminating a high-profile corporate power tussle that Vanke has been embroiled in for over a year.
Vanke will resume its trading today in both Hong Kong and Shenzhen where the company is listed following a one-day trading halt, the country’s largest developer by market value said in filings to both stock exchanges last night.
Under the deal, which is still pending government approval, China Resources would sell its entire 15.31 percent stake — owned by the firm and one of its wholly owned affiliates — for an average price of 22 yuan per share. That compared with Vanke’s A-share price of 20.40 yuan and H-share price of HK$18.60 (US$2.40) at Wednesday’s closing.
Fearing a hostile takeover by Baoneng Group, which has become its largest shareholder after building a 25.4 percent stake since mid-2015, Vanke’s management unveiled in June 2016 a key acquisition plan with white knight Shenzhen Metro. The proposal, under which Vanke would buy Qianhai International Development Co, a unit of Shenzhen Metro, for 45.6 billion yuan via a share sale and thus would have made the state-owned subway operator its biggest shareholder, was halted later as Vanke failed to get the approval of some of its major shareholders, Vanke said last month in exchange filings.
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