Shanghai Electric Ends $1.8 Billion Chase of Pakistan Power Firm

Shanghai Electric Power Co. has officially withdrawn its interest in buying Pakistani utility K-Electric Ltd., bringing to an end a nine-year pursuit and what would have been the largest private-sector acquisition in the South Asian nation’s history.

The Chinese company’s board has agreed to terminate plans to buy a 66.4% stake in K-Electric for $1.8 billion, according to a filing to the Shanghai Stock Exchange on Tuesday. Shanghai Electric said the counter-party has failed to meet the closing conditions, and the transaction is no longer aligned with its development strategy due to changes in the business environment in Pakistan. ...