BEIJING, Sept. 28 (UPI) -- General Electric Co. is paying an estimated $100 million for a 7 percent stake in China's Shenzhen Development Bank Co.
GE, whose officials attended a signing ceremony Wednesday, is expected to make an announcement Thursday, the Wall Street Journal reported.
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The newspaper estimated GE's cost for its new stake by multiplying the number of shares necessary to gain 7 percent by the most recent closing price of Shenzhen Development Bank's shares.
Private U.S. equity house Newbridge Capital already owns 18 percent of Shenzhen Development Bank and is its biggest shareholder.
GE's investment lifts to 25 percent the percentage of foreigners owning the bank.