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MAKE MOMEY BLOG~Shares in big Taiwan brokerage KGI Securities, controlled by the island’s billionaire Koo family, closed up by their 6.6% daily limit on Friday after China Development Financial Holding offered to buy it in a cash and stock deal worth as much as $1.9 billion.
China Development, an investment company that is also affiliated with the Koos, would pay about NT$16.7 per share, compared with KGI’s closing price of NT$12.15 yesterday. China Development’s shares closed up by 4.7% on Friday.
The move could facilitate China Development’s growth in the mainland’s heavily protected financial services industry. Beijing and Taipei are expected to ease financial industry investment restrictions during the second term of President Ma Ying-jeou, who was re-elected in January on a platform that included building closer economic ties between the two sides (see related articlehere). Multinationals such as HSBC and Citicorp have gradually built up operations here over the years, while political issues have held back Taiwan institutions.
Jeffrey Koo and family ranked No. 29 on the 2011 Taiwan Rich Listwith wealth of $1.3 billion.
source: forbes.com
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