Financials

Bear Stearns Has No Plans to Expand CITIC Ties

Reuters

Bear Stearns has no plans to expand its relationship with China's biggest brokerage, CITIC Secruties, CNBC has learned.

VIDEO0:0000:00
BSC-Citic Rumors Untrue

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.