China's CITIC says not sure of Bear Stearns deal
China's CITIC Securities <600030.ss> said on Saturday it could not guarantee it would complete a deal to invest about $1 billion in Bear Stearns
On Friday, Bear hammered out an emergency funding deal with the U.S. Federal Reserve and JPMorgan Chase, saying its liquidity position had deteriorated.
"Our company has noticed the recent financing arrangement between Bear Stearns, JP Morgan Chase and other financial institutions, and we have also considered factors including the sharp fall in Bear Stearns' share price," said CITIC Securities, China's largest listed brokerage.
"We cannot guarantee reaching a final agreement in the future," it said in a statement emailed to Reuters in response to media enquiries.
Last October, Bear and CITIC Securities announced plans to invest about $1 billion in each other and form a joint banking venture in Asia.
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