China's Haitong Sec says to acquire HK's Taifook Sec

Published: 22 Nov 2009 17:31:02 PST

SHANGHAI, Nov 23 - China's Haitong Securities <600837.SS> said on Monday it wuld buy a 52.86 percent stake in Hong Kong's Taifook Securities Group <0665.HK> for HK$1.82 billion ($235 million).

Shares in the companies had been suspended from trade last week following media reports that Haitong planned to buy control of Taifook in the first purchase of a Hong Kong brokerage by a mainland securities house. [ID:nSHA42428] ($1=7.750 Hong Kong Dollar) (Reporting by Samuel Shen and Edmund Klamann; Editing by Jonathan Hopfner) ((edmund.klamann@reuters.com; +86 21 6104 1799; Reuters Messaging: edmund.klamann.reuters.com@reuters.net)) (