China Sets Terms for Merger to Create $226 Billion Brokerage [Yahoo! Finance]
CITIC SECURITIES UNSP/ADR (CIIHY)
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Source: Yahoo! Finance
Most Read from Bloomberg Under the share swap deal, Guotai Junan will issue A shares and H shares to all holders of its smaller rival Haitong at a ratio of 0.62 to 1. The exchange offer is worth 8.57 yuan in China, or a 2.3% discount on Haitong shares in Shanghai before they were suspended last month. In Hong Kong, the swap is worth HK$4.79 each, a premium of 32%, according to Bloomberg calculations. In a move to replenish working capital, repay debts and fund the costs for the proposed merger, Guotai Junan plans to raise up to 10 billion yuan ($1.4 billion) from its controlling shareholder Shanghai State-owned Asset Management Co. via a share placement. The brokerage will place up to 626.2 million A shares at 15.97 yuan each, according to its plan. The deal comes a year after President Xi Jinping urged regulators to cultivate a few top-ranked investment banks to compete with global firms in China. The combination of the brokerages will create a new entity with assets of 1.6 tr
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