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Vanke fights to dilute Baoneng鈥檚 stake
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CHINA Vanke Co, the country鈥檚 largest listed residential developer, said yesterday that it has found a 鈥減otential vendor鈥 in its battle to dilute the Baoneng Group鈥檚 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 鈥渉ostile takeover鈥 from Baoneng.
Vanke said, without elaboration, it鈥檚 also in talks with other potential investors.
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