China's Vanke strengthens hand against takeover bid

Shares in China's biggest property firm, Vanke, surged Friday after it announced a stock-holding shift that could end a bid by private conglomerate Baoneng to pull off the country's first hostile blue-chip takeover. Vanke's leadership has for more than a year sought to fend off Baoneng's advances, which also have prompted an official government denunciation of "barbarian" takeover attempts. Baoneng had since 2015 built up a 25 percent stake to become Vanke's biggest shareholder in what has emerg