China's stake turning into a Bear hug

According to FT Alphaville according to Reuters, "Chinese brokerage CITIC Securities is looking to renegotiate the stake purchase it agreed with Bear [Stearns] back in October:"

the Chinese firm wants 9.9 per cent of Bear, rather than the 6 per cent originally agreed.

CITIC Securities is the brokerage arm of China CITIC, which is owned directly by China’s cabinet, the State Council.

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China takes a stake in Australian banks

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