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

Published Sun, Dec 18, 2016 · 09:50 PM
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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 …

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