Chinese bank CICC to buy two rivals in $16 billion share-swap deal
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China International Capital Corp (CICC) plans to acquire Dongxing Securities and Cinda Securities in a $16 billion share-swap deal. This move aims to expand CICC's business network, client base, and capital, positioning it as China's fourth-largest investment bank with assets over 1 trillion yuan. The deal values Dongxing at a 23% premium and Cinda at an 8% premium. The restructuring supports China's capital market reform and the growth of the securities industry.
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