CITIC cancels Bear deal
China Daily | Updated: 2008-03-18 07:29
CITIC Securities Co canceled a proposed $1 billion investment in Bear Stearns Cos after the Wall Street brokerage was bought by JPMorgan Chase & Co, said the chairman of CITIC's parent company.
CITIC Securities, China's largest securities firm by market value, also scrapped plans for a joint venture with Bear Stearns, CITIC Group Chairman Kong Dan said yesterday.
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