Friday, March 09, 2007
Citigroup close to deal with Taiwanese bank
By Kathrin Hille in Taipei
Friday, March 09, 2007
Citigroup plans to acquire Bank of Overseas Chinese for T$14bn ($424m) in a deal expected to be approved by the Taiwanese lender early next week.
The planned acquisition – Citigroup's latest in Asia following its $10.8bn bid earlier this week to buy troubled Japanese broker Nikko Cordial – comes after almost a year of negotiations.
The deal would move consolidation in Taiwan's overcrowded, underperforming banking sector another small step forward,
Copyright The Financial Times Ltd 2007
Citigroup buys over Taiwanese lender
Mar. 9, 2007 (China Knowledge) – Citigroup Inc. has bought over Taiwanese lender Bank of Overseas Chinese, Dow Jones newswires reported.
According to the report, Citigroup Inc's buyout offer of NT$14 billion (US$425 million) was accepted by the bank and the deal will be formally announced next week.
Shares of the Bank of Overseas Chinese gained 3.17% to close at NT$11.40 on the GRETAI Securities Market yesterday, outperforming a 1.92% increase in the over-the-counter TAISDAQ index.
Citing Dow Jones Newswires, the Chinese-language Commercial Times said yesterday that Citigroup had agreed to acquire the 55-branch lender for between NT$11.6 and NT$11.8 per share, a premium of 4.97% to 6.78% on the Bank of Overseas Chinese's close on Wednesday, the report said.
The Bank of Overseas Chinese was expected to approve the deal in a board meeting on Monday and announce the deal in the afternoon, reports said.
Copyright © 2007 http://www.chinaknowledge.com ¶ 3:41 AM
Friday, March 09, 2007
Citigroup plans to acquire Bank of Overseas Chinese for T$14bn ($424m) in a deal expected to be approved by the Taiwanese lender early next week.
The planned acquisition – Citigroup's latest in Asia following its $10.8bn bid earlier this week to buy troubled Japanese broker Nikko Cordial – comes after almost a year of negotiations.
The deal would move consolidation in Taiwan's overcrowded, underperforming banking sector another small step forward,
Copyright The Financial Times Ltd 2007
Citigroup buys over Taiwanese lender
Mar. 9, 2007 (China Knowledge) – Citigroup Inc. has bought over Taiwanese lender Bank of Overseas Chinese, Dow Jones newswires reported.
According to the report, Citigroup Inc's buyout offer of NT$14 billion (US$425 million) was accepted by the bank and the deal will be formally announced next week.
Shares of the Bank of Overseas Chinese gained 3.17% to close at NT$11.40 on the GRETAI Securities Market yesterday, outperforming a 1.92% increase in the over-the-counter TAISDAQ index.
Citing Dow Jones Newswires, the Chinese-language Commercial Times said yesterday that Citigroup had agreed to acquire the 55-branch lender for between NT$11.6 and NT$11.8 per share, a premium of 4.97% to 6.78% on the Bank of Overseas Chinese's close on Wednesday, the report said.
The Bank of Overseas Chinese was expected to approve the deal in a board meeting on Monday and announce the deal in the afternoon, reports said.
Copyright © 2007 http://www.chinaknowledge.com ¶ 3:41 AM
