Vanke scraps plan to buy transit-firm stake amid ownership spat

Shanghai

CHINA Vanke Co said shareholder dissent led it to scrap plans to issue new shares intended to fund the purchase of a stake in Shenzhen Metro Group Co.

Vanke terminated the plan to pay as much as 60 billion yuan (S$12.5 billion) for the stake in the urban-rail transit company, Shenzhen-based Vanke said in a filing to the stock exchange on Sunday. Major shareholders weren't able to reach an agreement on the issue within the required time frame, according to the filing. Vanke promised not to plan major asset restructuring plans again over the next month.