Deals
Haitong Securities Surges on Talks to Buy Portuguese Bank
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Haitong Securities Co., China’s second-largest brokerage by market value, surged to a record in Hong Kong stock trading on talks to buy Portuguese investment bank Banco Espirito Santo de Investimento SA.
Haitong, which was halted yesterday, jumped 10 percent to HK$18.76 as of 11:29 a.m. local time. The company’s Haitong International Holdings Ltd. unit is in discussions to acquire Banco Espirito Santo, or BESI, from Novo Banco SA, according to a Hong Kong exchange filing yesterday. The parties haven’t reached a formal pact yet, the filing showed.