Taiwan's CTBC to invest in Shin Kong amid takeover talk

CTBC Financial Holding Co

20/08/2024 11:56

TAIPEI, Aug 20 (Reuters) - Taiwanese financial
conglomerate CTBC Financial Holding  2891.TW  said on Tuesday it
would invest in peer Shin Kong Financial Holding  2888.TW ,
following a media report that it was seeking to take over Shin
Kong.
    CTBC will "openly purchase" stock in Shin Kong, though first
await regulatory approval and only then will it give pricing
details, it said in a statement following a board meeting.
    Taiwan's Economic Daily News reported that CTBC was seeking
to take over Shin Kong. CTBC's statement did not mention a
takeover.
    Shin Kong, in a statement to Taiwan's stock exchange about
the takeover report, said it was "unaware" and had no further
comment.
    The company did not immediately respond to a request for
comment.
    CTBC said its aim in investing in Shin Kong was to create a
strong, international financial company.
    Shin Kong has held on-off merger talks with another company,
Taishin Financial Holding  2887.TW , for years.

 (Reporting by Ben Blanchard; editing by Jason Neely)
 ((ben.blanchard@thomsonreuters.com;))