China Mobile Bank Purchase Meets Government Opposition
Netease Tech, 3/08/10
Although China Mobile (NYSE: CHL; 0941.HK) confirmed in a March 3 filing that it would purchase a stake in the Shanghai Pudong Development Bank, the company's plans are still uncertain due to opposition by the State-owned Assets Supervision and Administration Commission (SASAC). "We oppose the expansion of centrally-owned corporations into areas outside their primary focus," said SASAC official Liu Nanchang. Liu said that SASAC had never supported mergers between industry and finance.
Keywords: Liu Nanchang policy M&A China Mobile wireless Shanghai Pudong Development Bank SASAC CHL 0941.HK
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