20% of Bear Stearns are sold

In the last movement’s attractiveness as a Wall Street investment firms, Bear Stearns Companies said yesterday it would be a foreign partner: Jardine Strategic Holdings Ltd in Hong Kong.

In a joint statement released after rumours on the next Deal swept Hong Kong and then on Wall Street, Bear Stearns and Jardine Strategic said, they would have Jardines to reach an agreement to buy 20 percent of the investment banking house a share of $ 23, or more than $ 390 million.

Jardine Strategic a large unit of Jardine Matheson Holding AG, has big interests in real estate in Hong Kong, luxury hotels in Asia and supermarkets in Hong Kong, Australia and Great Britain. Cognac and Pizza

Jardines, Anglo-run parent company, was founded in 1832 and is one of the oldest in Asia of the company. Its activities include the sale of cognac in Japan; run more than 100 Pizza Hut restaurants in Hong Kong, Hawaii and Australia, the operating system of more than 300 7-Eleven stores in Hong Kong, Singapore and the United Kingdom And even the manufacture of elevators on the Chinese mainland.

Jardines also important companies in the financial sector, a sector which is reinforced by yesterday Deal. Bear Stearns enterprises belong to a common activity brokerage in Hong Kong with Shun Loong Securities Company and seeking an office in Tokyo.

Simon Keswick, chairman of the Jardines, said the investment was in line with a long-term policy significant shareholdings der”dabei successful companies well managed.”

The Keswick family owns more than 10 percent of Jardines group, which has already expressed an interest, acquisitions in the USA and Great Britain.

The Bear Stearns Jardines-Deal is first of the last transaction, including a Wall Street-to-door allowed a foreigner to meaningful participation. Several other companies have in a partner country by infusions of capital in companies themselves.

A few days ago, Salomon Inc has $ 700 million of capital through the sale of 12 percent participation by Warren Buffett, the billionaire Omaha. Last year, the American Express Company sells 13 percent of Shearson Lehman Brothers to the Nippon Life Insurance Company for $ 538 million and Goldman, Sachs & Company sells 12.5 per cent in the bank Sumitomo for $ 500 million.

In the deal announced yesterday, Bear Stearns is not one of income directly to shareholders of the company. Among them, Bear Stearns leaders, their own set 45 per cent of the company.

Alan C. Greenberg, chairman and CEO of Bear Stearns, however, pointed out that all shareholders would be in equal shares, the percentage of securities to be purchased from any shareholder.

”We believe that shareholders should be able to sell almost $ 23 if they wish,”he said.

Bear Stearns has risen yesterday, the 25 cents, to $ 20, the New York Stock Exchange. Distributors had to respond to the expectations that prices would fall after the offer, shareholders because the situation would be to sell a certain percentage of their stock.

If shareholders do not sell enough to give Jardines 20 percent he wants, Bear Stearns leaders of the difference. Bear Stearns Given that some leaders are far more than other investors storage, they would be able to sell more shares, while the proportion would be the same for all investors.

Given the transaction, Jardines is a public offering within five days to 16.3 million shares at $ 23 per unit and 70000 convertible preferred shares of $ 228.72 per piece.

Given that the company itself, Mr. Greenberg said Bear Stearns”hat lot of money and did not need additional capital.”Bear Stearns has 5900 employees and 1.4 billion dollars of capital, he said.

An agreement Jardines provides that for the first three years, it can not more than 24.9 per cent of the company, and not more than 35 per cent for two years after it. It is not mandatory, if the limits of Bear Stearns is an offer of destination.

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