Taiwan's Shin Kong Financial jumps on CTBC merger bid

TS Financial Holding Co

26/08/2024 02:19

** Shares of Taiwan financial conglomerate Shin Kong Financial
Holding  2888.TW  open as much as 4.4% higher, after rival CTBC
 2891.TW  raises its bid for the company to T$131.4 billion
($4.14 billion)
    ** CTBC Financial late on Friday raised its bid for Shin
Kong to a 51% stake of the company, challenging an existing plan
for its smaller rival to merge with Taishin Financial  2887.TW 
    ** Shares of CTBC open down 0.45%
    ** Taiwan's benchmark weighted Index  .TWII  opens up 0.4%
    ** CTBC said they would have to spend T$131.4 billion ($4.1
billion) for the bid
    ** CTBC said it had upped its purchase plans from a 25%
stake, at a price of T$14.55 per share



($1 = 31.7700 Taiwan dollars)

 (Reporting by Faith Hung)
 ((faith.hung@thomsonreuters.com;))