GE Capital’s China deal cancelled

A deal for GE Capital International Financing Corp. to acquire a
7 per cent stake in Shenzhen Development Bank has been
cancelled.

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The Chinese bank withdrew from the agreement – which would have
involved GE Capital to pay 70c (35c) per share, a total of $100m
(£50m) – because of a recent increase in its share price since the
deal was signed in September 2005.

According to a Dow Jones newswire, since the agreement
shares of Shenzhen’s stock rose to $5.47 (£2.6) per share.

The cancellation will not affect the two parties’ agreement to
include developing Shenzhen’s consumer finance business.

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