Vanke welcomes Anbang as allyin takeover battle

China Vanke Co, the developer whose managers are locked in a struggle for control against its largest shareholder, has welcomed Anbang Insurance Group Co as an ally after the insurer boosted its stake in the company.

Vanke also broke the rumor that it is planning a private placement for an additional 20 percent of its shares.

On Wednesday, China Times reported that Vanke suspended its shares from last Friday to make a three-year private placement plan. It would probably issue an additional 20 percent shares, 10 percent for its employees and the other 10 percent to the public, to augment its capital requirements.