Property giant China Vanke, the target of the most contentious takeover attempt in the country’s corporate history, has been declared a state-owned business directly controlled by the government of Shenzhen, elevating it to a status that could deter future raids.
Vanke was invited to a meeting with Shenzhen’s State-owned Assets Supervision and Administration Commission (SASAC) as a company under its supervision, according to a March 23 notice on its website.
The invitation sends a…
Source : South China Morning Post
Read more…Shenzhen’s shield around Vanke should ward off hostile takeovers
