Bear Stearns Has No Plans to Expand CITIC Ties
Bear Stearns has no plans to expand its relationship with China's biggest brokerage, CITIC Secruties, CNBC has learned.
Shares of Bear Stearns rose sharply on Friday on renewed takeover chatter about the Wall Street bank, including the possibility that CITIC was in talks to acquire a bigger stake in Bear.
Bear Stearns stock is up "on renewed takeover chatter," said Paul Foster, options strategist at Web information site theflyonthewall.com in Chicago.
"We do not comment on market rumors," said a Bear Stearns spokesman.