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China's Haitong Sec to buy NWS stake in Taifook -source

Fri Nov 13, 2009 8:14pm EST

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SHANGHAI, Nov 14 (Reuters) - Haitong Securities (600837.SS) has agreed to buy some or all of NWS Holdings' (0659.HK) 62 percent of Taifook Securities (0665.HK), the first purchase of a Hong Kong brokerage by a Chinese counterpart, a source familiar with the deal said on Saturday.

NWS had said in a posting to the Hong Kong stock exchange on Wednesday that it was in talks to sell some or all of its interest in Taifook, but did not disclose a buyer.

Taifook shares jumped nearly 13 percent on Thursday after the announcement, and another 6.6 percent on Friday to close at HK$4.84.

The source said Haitong Securities would pay about HK$5 per share for the NWS stake, valuing Taifook at about HK$3.5 billion ($454 million). Following the purchase, Haitong intends to make an offer for all remaining Taifook shares, the source said. (Reporting by Victoria Bi; writing by Doug Young; Editing by Ron Popeski)



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