Deals
China Vanke Welcomes Anbang as Ally in Shareholder Tussle
- Insurer emerges as a key player after boosting stake to 7%
- Baoneng Group had earlier become Vanke's top shareholder
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China Vanke Co., the developer whose managers are locked in a struggle for control against its largest shareholder, welcomed Anbang Insurance Group Co. as an ally after the insurer boosted its stake in the company.
Anbang raised its holding in Vanke’s Shenzhen-listed shares on Dec. 17 and 18, to 7.01 percent from 5.69 percent, before the A shares of China’s largest publicly traded developer were halted on Friday pending a share sale and an asset restructuring, according to filings on Tuesday to the Hong Kong stock exchange.