Ping An Insurance (Group) company and Shenzhen Development Bank (SDB) announced on Wednesday that they had signed the Share Acquisition Agreement, which is expected to be approved by the shareholders on both sides and the related administration departments.

According to the agreement, Ping An would buy 1.639 billion A shares of SDB at the price of 17.75 yuan (US$2.6) per share, with a total value of 29.1 billion yuan (US$4.28 billion).

After the transaction is completed, Ping An is expected to own about 2.684 billion shares of SDB, accounting for 52.39 percent of SDB's total shares, becoming the controlling shareholder of SDB.

China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.