FinanceAsia.com
19 Mar 2008
Sameera Anand
JPMorgan’s takeover of Bear Stearns lets Citic off the hook but other bail-out investors may not be so lucky with their commitments to subprime-affected banks.
Citic Securities confirmed yesterday that it would not proceed with its investment in Bear Stearns, allowing it to scrap a deal to buy shares at $120 apiece in a bank which currently trades at $7. But a host of other investors who have bought into Citi, Merrill Lynch, Morgan Stanley and UBS are stuck with paper bought at significantly higher prices than current traded levels.
>>>> More
