Shanda Cashes in on Sina Shares

From ShanghaiDaily:

"Shanghai online games company Shanda Entertainment Ltd said yesterday it would sell part of its stake in Sina Corp to Citigroup, in a move that shows it has finally given up on attempts to acquire Sina and form China's biggest online firm."

"Shanda bought a 19.5 percent stake in Sina in February last year in an attempt to merge and become the country's No. 1 online firm. But Shanda's plan failed after Sina launched a "poison pill" measure in which it put more shares on the market."