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Important news
在线翻译:
szdaily -> Important news
VANKE TEAMS UP WITH ANBANG TO COUNTER POSSIBLE TAKEOVER
     2015-December-25  08:53    Shenzhen Daily

    IN a dramatic twist in the fight to take over China Vanke, Anbang Insurance Group, a significant shareholder of the largest home builder in the world by sales, said it will support chairman Wang Shi and his management team to run the company and fend off a hostile takeover by the Baoneng group.

    Anbang said in an announcement, issued by the Shenzhen-based Vanke on Thursday, that it approved of Vanke’s existing corporate culture and operating style. The insurer, which was cited by media as an ally of Baoneng in the takeover bid of Vanke, said it would support the existing management and its business strategy in property and property finance.

    Vanke also said in a separate announcement that it welcomed Anbang, a well-known Chinese insurer that led the purchase of the iconic Waldorf Astoria hotel in New York, as a major shareholder.

    Anbang Insurance Group increased its holdings of Vanke’s A shares to more than 7 percent before trading in the stock was suspended last Friday.

    The support of Anbang brings the shareholding of Wang’s alliance, which includes China Resources Holdings, Wang and his management team, to about 30 percent. It exceeds rival Baoneng’s 23.52 percent holding.

    In an earlier meeting with investment bank Credit Suisse on Wednesday, Wang said it had rejected overtures from Baoneng and its group due to different corporate cultures.

    “Vanke management and I do not mind making compromise. What I value most is the corporate culture,” said Wang. He said the management has not enough money to block the bid. “We need all shareholders’ support. If you like our culture, you approve of our operating style, please support us,” Wang told investors.

    Wang added that with Baoneng’s shares in Vanke, they would enter the board of directors sooner or later. “But they are not big enough to easily change the management team and board of directors,” he said.

    The battle heated up Dec. 4 when Vanke said Baoneng, through Jushenghua and Foresea, held a combined 20 percent stake, overtaking China Resources to become Vanke’s largest shareholder. As of Dec. 11, that stake had risen to 22.45 percent.

    On Dec. 18, Vanke asked that its Hong Kong and Shenzhen shares be suspended pending a planned share issue for acquisitions. Two days later, Vanke said in a filing that it would disclose the restructuring plan before Jan. 18.

    In response to Baoneng’s moves, Wang said last Thursday that he did not welcome Baoneng, questioning the company’s credibility and financing capacity.

    Baoneng, controlled by Yao Zhenhua, is a privately owned property developer and financial services group based in Shenzhen. By Dec. 15, it had raised its stake in Vanke to 23.52 percent.(SD-Agencies)

    (Read more on P5: Regulators scrutinize insurers’ buying spree)

    Two Air France flights diverted)

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