China Mobile Ltd.'s plan to acquire a stake in a Chinese bank could be blocked by the nation's regulator of state-owned assets, according to a published report Tuesday. Liu Nanchang, general office head of Sasac, China's state-owned assets regulator, said Tuesday his agency is opposed to state-owned enterprises buying into non-core businesses, according to a report by the Chinese-language National Business Daily. Last week China Mobile said it is holding talks to buy a stake in Shanghai Pudong Development Bank Co., in a deal reported to be worth as much as $5.9 billion. China Mobile would need Sasac's clearance before it could proceed with such a deal. The report also said China Mobile was considering structuring the deal through its subsidiary Guangdong Mobile, which would require a less complex approval process.

source:marketwatch