Taiwan's China Devt unit joins 2 other funds in bid for US-listed Clear Channel |
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Published
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Mon, 29 Jan 2007 11:23
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TAIPEI (XFN-ASIA) - China Development Financial Holding Corp (2883.TW) said unit CDIB Capital (America) Ltd plans to spend up to 20 mln usd in a joint bid with two other funds for US-listed Clear Channel Communications Inc.A China Development official said the two other funds -- Thomas H. Lee Partners and Bain Capital Partners -- are planing to establish a holding company, tentatively named T Triple Crown FinCo LLC, through which the planned acquisition of Clear Channel will be carried out.CDIB Capital (America) currently has investment in Thomas H. Lee Partners, the official said, without giving details.'CDIB Capital is owned by China Development Industrial Bank, whose board today approved the investment plan (in T Tripe), with the approval to be valid for one year,' the official said.China Development Industrial Bank is wholly owned by China Development Financial.An investment of up to 20 mln usd may translate to around 0.5 pct of the total investment required for the acquisition, the official said.The bid to acquire Clear Channel Communication is pending approval by the US Federal Communication Commission, the official added.In today's trade, China Development Financial closed down 0.10 twd at 15.05.(1 usd = 33.00 twd)adela.linal/net
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