UPDATE 1-Taiwan's China Development Financial to buy Cosmos Bank

Mon Feb 10, 2014 8:39am EST

* Cosmos Bank agrees to be acquired by China Development Financial

* China Development Financial to buy Cosmos for about $760 mln - source

* GE Capital, SAC Capital to sell their Cosmos stakes - source

HONG KONG, Feb 10 (Reuters) - Taiwan's Cosmos Bank said it has agreed to be acquired by China Development Financial Holding Corp in a deal a source familiar with the matter said was worth about $760 million.

Taiwan's CDF will buy the stakes of GE Capital and SAC Capital, the source said, who declined to be named because the information was not yet public.

China Development Financial Holding and Cosmos did not immediately respond to messages seeking comment, but Cosmos confirmed the deal in a statement posted on the Taiwan stock exchange.

It said one Cosmos share will be exchanged for 0.2 China Development share and T$13.4 in cash, but it did not provide other details such as the total value of the deal and the sellers.

"Our company's board has agreed to sign a share transfer agreement with China Development Financial Holding Corp. We will then become China Development Financial Holding's 100 percent-owned unit," Cosmos Bank said in the statement.

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