Taiwanese financial conglomerate CTBC Financial Holding said on Tuesday it would invest in peer Shin Kong Financial Holding, 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, for years.
Reuters
