Posted on 07/09/2013 11:19:41 PM PDT by TexGrill
The marriage between Chinese investment bank CITIC Securities and CLSA Asia-Pacific Markets, a Hong Kong-based equity broker and financial service provider, has been under the spotlight since it took shape in 2010.
Going through all the twists and turns in the past three years, CITIC Securities, which has already completed the purchase of a 19.9-percent stake in CLSA from French retail banking giant Crédit Agricole S.A. for $310.3 million, announced on June 28 that it will postpone its $941.7-million takeover of CLSA's remaining 80.1-percent stake to July 31.
CITIC Securities explained that the parties concerned were going all out to promote the takeover's completion. Once the takeover is wrapped up in late July, CITIC Securities will become the first Chinese-funded financial institution to acquire a widely known overseas counterpart.
In the pipeline
CITIC Securities and Crédit Agricole, CLSA's controlling stakeholder, managed convergence on cooperation in 2010. At that time, the two sides agreed to set up a 50-50 joint venture headquartered in Hong Kong without cash funding. More specifically, CITIC Securities would inject its Hong Kong-based subsidiary CITIC Securities International into the company, while Crédit Agricole would inject CLSA.
(Excerpt) Read more at bjreview.com.cn ...
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