Looks like another Cnooc scenario. Maybe not quite, cause this time may be different. From the New York Times:
China Citic Bank is bidding to buy a stake in Bear Stearns, a senior Chinese regulator said on Tuesday, in the first official confirmation of media reports that the state-run bank is a potential suitor for the Wall Street firm.
Jiang Dingzhi, vice-chairman of the China Banking Regulatory Commission, cited Citic Bank’s interest in buying into Bear Stearns as he went through recent acquisitions and investments by Chinese banks in overseas financial institutions.
The New York Times reported at the Times that along with Mr. Buffett and Citic, Bank of America, Wachovia and China Construction Bank were interested in buying a stake in the investment bank. [Full Text]