US investment firm Newbridge Capital was told that its acquisition of Shenzhen Development Bank will not go ahead, the Financial Times reported.
The Shenzhen municipal government had agreed to sell Newbridge a stake of just under 20 percent, making Newbridge the largest shareholder and giving it management control. Although the deal had apparently been approved by both the local and central governments, the bank issued a statement saying that the sale would not take place and the management team installed by Newbridge would be disbanded.
