CITIC Securities Reported To Cancel Bear Stearns Deal

From Xinhua via People’s Daily online :

China’s CITIC Securities Co. is to cancel a deal to buy into Bear Stearns after that the fifth largest bank in the is to be bought out by JPMorgan Chase & a bid to save the troubled lender.

“We will not carry out the deal — the situation has changed,” Tuesday’s China Daily news quoted CITIC Group chairman Kong Dan assaying. JPMorgan Chase & Co. ‘s agreement to buy Bear Stearns for 236.2 million U.S. dollars represents a stunning for one of the world’s largest investment houses. The also reported that CITIC Securities, the country’s largest securities firm in term of market value, had also scrapped plans for a joint venture in Hong Kong with Bear Stearns.

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