Aug
13

Yuanta Financial, Ta Chong Surge on $1.7 Billion Takeover

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Yuanta Financial Holding Co. and Ta Chong Bank Ltd. shares surged by the daily limit in Taipei after Yuanta offered about NT$56.6 billion ($1.7 billion) to acquire the lender, which is backed by Carlyle Group LP.

Yuanta Financial surged 10 percent to the NT$14.90 limit before paring its gain to 5.2 percent as of 11:23 a.m. local time. Ta Chong Bank climbed 9.6 percent to NT$13.65, the highest since April 2004.

Taiwan’s largest banking deal in more than four years would give Yuanta more than 60 branches to add to its 88 outlets, and may herald further consolidation in an industry that had 39 banks in May. The three largest lenders have a combined market share under 20 percent, Financial Supervisory Commission Minister Tseng Ming-chung said in July…

Yuanta Financial, Ta Chong Surge on $1.7 Billion Takeover

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