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Taiwan's China Development in record bid for brokerage

TAIPEI: Taiwan's China Development Financial Holding said on Friday it planned to buy KGI Securities, the island's second-largest brokerage, for a record Tw$54.6 billion ($1.9 billion).

China Development said in a statement that its board approved the plan on Thursday and it would offer 1.2 new China Development shares and Tw$5.50 cash for every KGI share.

The deal, pending the financial regulator's approval, would give the two firms a combined market share of 9.5 percent, second only to Yuanta Polaris Securities, which has around 15 percent.

Yuanta Financial Holdings Polaris Securities in 2011 for Tw$48.9 billion in what is currently the island's biggest brokerage merger.

Friday's news gave a boost to shares of both companies, with KGI Securities up by its seven percent daily limit at Tw$12.15 while China Development rose 3.4 percent to Tw$8.63 around noon.

Copyright AFP (Agence France-Presse), 2012


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