Newbridge deal cancelled

China Minsheng Bank announced that that a deal between shareholder China National Coal Group and US-based private equity firm Newbridge Capital was cancelled. China National Coal planned to sell its 4.8% stake in Minsheng Bank to Newbridge. Analysts said that the cancellation may have been initiated by Newbridge, suggesting the stake was too small to exert any influence over management. Newbridge recently agreed to buy an 18% stake in Shenzhen Development Bank.