Baosteel Group, China's largest steelmaker, will acquire a 5.43% stake in Shenzhen Development Bank (SDB) for US$571 million, China Business Net reported. The company will pay RMB35.15 (US$4.75) a share for 120 million shares in the Shenzhen-listed bank. Baosteel, which owned 254,718 shares in the bank before the purchase, agreed not to sell the shares for 36 months. The private placement, which is still pending approval from the China Banking Regulatory Commission and ...