GE to take stake in China bank

General Electric Co agreed to pay US$100 million for a 7% stake in Shenzhen Development Bank Co, pending approval from Chinese regulatory authorities and the Chinese bank's shareholders, the Wall Street Journal reported, citing a statement from both companies. If approved, GE will become Shenzhen Development's second largest shareholder after US private equity firm Newbridge Capital Inc. GE will pay about US$0.65 per share for newly issued shares, diluting the stakes of current shareholders.