CITIC SECURITIES, BEAR STEARNS TO INVEST IN EACH OTHER
AsiaInfo Services, October, 2007
AsiaInfo Services 10-24-2007 CITIC Securities, Bear Stearns to Invest in Each Other BEIJING October 23, Oct 24, 2007 (SinoCast via COMTEX) -- Both CITIC Securities Co., Ltd. (SHSE: 600030) and Bear Stearns Co., Inc. (NYSE: BSC) plan to invest USD 1 billion in each other, respectively. As the subsidiary of CITIC Group, a multinational conglomerate in China, CITIC Securities is to purchase shares that will be converted into an about a 6% stake in Bear Stearns.
In the future, the Chinese company will totally hold not more than 9.9% of the latter. Meanwhile, Bear Stearns, a global investment banking, securities trading and brokerage firm, intends to acquire shares, over time, equal to a 2% stake in CITIC Securities. Besides, it will have right to buy an...
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