Broker buys broker
Source: Bloomberg News |
August 17, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S Southwest Securities Co has agreed to buy closely held Guodu Securities Co for as much as 13.1 billion yuan (US$2.1 billion) in stock to expand its equity brokerage and underwriting operations.
Southwest, based in Chongqing, will issue new shares for the transaction, according to a filing to the Shanghai Stock Exchange. The combined company would rank at No. 13 among investment banks that managed local equity sales so far this year, according to data compiled by Bloomberg News.
Southwest, based in Chongqing, will issue new shares for the transaction, according to a filing to the Shanghai Stock Exchange. The combined company would rank at No. 13 among investment banks that managed local equity sales so far this year, according to data compiled by Bloomberg News.
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