Bear Stearns tie-up uncertain: CITIC
China's CITIC Securities said Monday plans for an alliance with Bear Stearns were uncertain after the announcement that the troubled US bank was being sold at a fire-sale price to JPMorgan Chase.
By Agencies |
SHANGHAI: China's CITIC Securities said Monday plans for an alliance with Bear Stearns were uncertain after the announcement that the troubled US bank was being sold at a fire-sale price to JPMorgan Chase.
"We have not signed any formal agreement (with Bear Stearns) or paid any money yet, and the company cannot guarantee reaching a final agreement in future," it said in a statement filed with the Shanghai Stock Exchange.
Last October, CITIC Securities and Bear Stearns announced a strategic alliance in a cross-shareholding deal involving investments of at least $2 billion and plans to forge a banking joint venture in Asia.
JPMorgan Chase said late Sunday it was taking over Bear Stearns for around $236 million , or $2 per share, after its market value plummeted due to vast losses from mortgage-backed securities.
CITIC Securities said it would decide on the planned deal after it had conducted an overall evaluation on the latest developments.
"We have not signed any formal agreement (with Bear Stearns) or paid any money yet, and the company cannot guarantee reaching a final agreement in future," it said in a statement filed with the Shanghai Stock Exchange.
Last October, CITIC Securities and Bear Stearns announced a strategic alliance in a cross-shareholding deal involving investments of at least $2 billion and plans to forge a banking joint venture in Asia.
JPMorgan Chase said late Sunday it was taking over Bear Stearns for around $236 million , or $2 per share, after its market value plummeted due to vast losses from mortgage-backed securities.
CITIC Securities said it would decide on the planned deal after it had conducted an overall evaluation on the latest developments.
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