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Vanke fights to dilute Baoneng’s stake
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CHINA Vanke Co, the country’s largest listed residential developer, said yesterday that it has found a “potential vendor” in its battle to dilute the Baoneng Group’s stake in the company.
The Shenzhen-based developer has recently signed a letter of intent to buy unspecified assets from a potential investor by issuing new shares and paying cash, Vanke said in a statement filed yesterday to the Hong Kong stock exchange.
The ultimate consideration of the transaction, the structure of the transaction and the actual scope of the target assets will be determined based on due diligence and valuation, and will be decided by both parties after negotiations, according to the statement. But Vanke warned that the transaction may not proceed.
It was the latest move by Vanke, whose A and H shares have been suspended from trading by the Shenzhen and Hong Kong bourses since December 18, to battle against Baoneng which is now its biggest shareholder after raising its stake over the past few months through subsidiaries.
Baoneng holds 24.3 percent of Vanke.
Vanke President Yu Liang said earlier that Vanke was facing a “hostile takeover” from Baoneng.
Vanke said, without elaboration, it’s also in talks with other potential investors.
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