Monster Worldwide buys 55 pct of ChinaHR for $174 mln

BEIJING Oct 8 (Reuters) - Employment website company Monster Worldwide Inc (MNST.O) said on Wednesday it had completed its full acquistion of ChinaHR by purchasing a remaining 55 percent stake for $174 million in cash.

ChinaHR operates 12 offices across China, one of the world's fastest growing online recruitment markets that was worth about $40 million in the first quarter.

"This is a significant day for Monster and ChinaHR and the customers we serve," Sal Iannuzzi, chief executive of Monster Worldwide, said in a statement.

Monster's purchase comes amid a downturn in U.S. online labor demand as well as wider labor market weakness amid a spreading global financial crisis.

China's online recruitment market, on the other had, grew by 36 percent in the first quarter over the same period a year earlier.

China's market is led by 51Job Inc (JOBS.O) with a 29 percent share, followed by ChinaHR's 24 percent share and Zhaopin.com with 15 percent, according to Beijing-based researcher Analysys International. ($=6.84 yuan) (Reporting by Kirby Chien; editing by Ken Wills)