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March 10, 2010, 4:48 a.m. EST · Recommend ·

China Mobile to pay $5.83 billion for bank stake

Alert Email Print By Chris Oliver

HONG KONG (MarketWatch) -- China Mobile Ltd. /quotes/comstock/13*!chl/quotes/nls/chl (CHL 50.94, +0.43, +0.85%) /quotes/comstock/22h!e:941 (HK:941 78.55, -0.05, -0.06%) said Wednesday it has conditionally agreed to buy a 20% stake in Shanghai Pudong Development Bank Co. /quotes/comstock/28c!e:600000 (CN:600000 14.98, -0.10, -0.66%) for 39.80 billion yuan ($5.83 billion). The state-controlled telecom company said in a filing to the Hong Kong Stock Exchange Wednesday it plans to buy 2.21 billion shares at 18.03 yuan a piece through its wholly-owned subsidiary Guangdong Mobile, becoming the second-largest shareholder in the bank after Shanghai International Group and its affiliates. The planned purchase represents a 13% discount to the Pudong Bank's last traded price of 20.74 yuan on Feb. 25.

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/quotes/comstock/13*!chl/quotes/nls/chl China Mobile Ltd (CHL)
/marketstate/country/ The market is open5:35:10 am The market is closed5:35:10 am
$ 50.94
Change +0.43 +0.85%
Volume 1.47m Real time quotes
/quotes/comstock/22h!e:941 China Mobile Ltd (941)
/marketstate/country/ The market is open5:35:10 am The market is closed5:35:10 am
HK$ 78.55
Change -0.05 -0.06%
Volume 10.13m Real time quotes
/quotes/comstock/28c!e:600000 Shanghai Pudong Development... (600000)
/marketstate/country/ The market is open5:35:10 am The market is closed5:35:10 am
14.98
Change -0.10 -0.66%
Volume 33.08m Real time quotes

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